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Far West Elgin Topics => Services and Products => Topic started by: mortgageguy on September 02, 2008, 01:24:26 PM

Title: I am here to help
Post by: mortgageguy on September 02, 2008, 01:24:26 PM
Hello All.  I just wanted to let people know that I am here to help with any financing needs that you may have.  Everything has changed!  Lenders have tightened up, home values are down, adjustable rates are choking your budjet.  Rates have been getting better over the past few weeks and are at the best levels since March.  I am a licensed mortgage consultant doing business now for over 10 years.  If you have any questions and/or concerns that I can help you with please do not hesitate to email me.  I am available 7 days a week with evening appointments and weekends available if needed.  Many loan officers have left the business and there are a lack of good educated people out there.

So let me know if there is anything that I can do for you.  Thanks a lot and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on September 04, 2008, 02:03:02 PM
Just an Update...Rates are getting better!!!  ;D

Conventional 30 Year Fixed at 6.25% with No Points

FHA & VA 30 Year Fixed at 6% with No Points

Email me with questions!!! 
Title: Re: I am here to help
Post by: GoBraves on September 05, 2008, 07:24:50 AM
Free advertising on newelgin.com 

Isnt it GREAT?
Title: Re: I am here to help
Post by: Summer :) on September 05, 2008, 08:53:31 AM
yes it is... great way to get the word out about something people might be interested in... and under the correct area... WTG
Title: Re: I am here to help
Post by: mortgageguy on September 05, 2008, 10:56:03 AM
If you ever get a chance to meet me you'll be able to see that I do truely want to help everyone that I can.  In my business most of the "greasy salespeople" have been pushed out.  When you can survive in this market by continuing to get word of mouth referrals...you are doing something right!
Title: Re: I am here to help
Post by: GoBraves on September 05, 2008, 12:00:29 PM
What is the rule of thumb on refinancing?   Every 3-5 yrs?  What are the most common financing houses that are not crooked?
Title: Re: I am here to help
Post by: mortgageguy on September 05, 2008, 12:23:15 PM
Go Braves:  There is really no common rule on when someone should refinance.  And honestly these days many people are having to refinance out of necessity to survive.  You really have to look at the cost to do the loan with the amount that you are able to save and then divide them out to find a break even point out in the future.  So for example if the cost of the loan is like $1600 and you are saving $95/month then your break even point is 16.64 months.  So if you plan on being in the home longer then 17 months you are ok.

Right now a lot of people are trying to consolidate debts and pay off other high interest accounts since the rates are very low.  The only issues has been working with the appraised values of homes.

Hopefully this answered you question.  Thanks!  :)
Title: Re: I am here to help
Post by: sgtdisney on September 05, 2008, 01:22:23 PM
How are the appraisals coming in, in our area lately.   Are they coming in lower than the selling prices of some of the houses, or are they still pretty equal.
Title: Re: I am here to help
Post by: mortgageguy on September 05, 2008, 07:54:02 PM
So far I have not had any real problems.  Most of the appraisals have been at value or purchase price.  But I am sure like 1 year from now once more homes are sold at the cheaper prices we will see values showing lower.  That is why when people say they want to wait I have to caution them that waiting may actually hurt them.

But so far our direct area here has been ok.
Title: Re: I am here to help
Post by: mortgageguy on September 08, 2008, 06:58:44 AM
Happy Monday everyone!  Well the big news over the weekend was the Government bailing out Fannie/Freddie.  So far this morning this has caused the stock market to rally and also the mortgage bonds are in rally mood as well.  When mortgage bonds do well...rates come down.  So if you missed out on the record low rates from earlier this year you very well might have a chance to take advantage of it again.  Let me know if you have any questions or how I can help!!!   ;D

Update...Conventional 30 Year Fixed 5.875%* with No Points

FHA 30 Year Fixed 6.00%* with No Points

*rates as of 9/8/2008 and can change without notice.  Rates subject to credit scores and qualifying.
Title: Re: I am here to help
Post by: mortgageguy on September 09, 2008, 10:35:05 AM
My last post.  I have been informed not to "advertise" here on New Elgin.  I thought I was helping my community by giving people someone local they can turn to for help.  I am sorry if I have upset anyone.  I am always available to help if you need anything.

Thank you!!!
Title: Re: I am here to help
Post by: GirlWindy on September 09, 2008, 11:57:28 AM
Ok, not trying to stir up trouble at all, but I'm confused -

Isn't advertising (or seeking) services and products what this particular section is for?

Just looking for clarification.....

Title: Re: I am here to help
Post by: Summer :) on September 09, 2008, 01:00:24 PM
I'm confused too.. you can post car washes, open houses for party sales, cancer society walk, electrical services, lawn care, and on and on.. but you were told not to post... I would like to know from whom... because I think that is wrong... this section is for services and products..
Title: Re: I am here to help
Post by: olmeca on September 09, 2008, 01:27:53 PM
Agree with the rest of you.  Seems like this is in the right area.  If he is a member of this group, then why not?
Title: Re: I am here to help
Post by: DML on September 09, 2008, 01:39:36 PM
I see no reason why you can't post here.. If nothing else it is good information.
Title: Re: I am here to help
Post by: GoBraves on September 09, 2008, 02:31:11 PM
Hey Mortgage Guy-
      Who told you not to post an advertisement on here?
      I have posted about my wife's chiropractic practice on here, and I have not been told not to post.

Title: Re: I am here to help
Post by: steveg on September 09, 2008, 05:15:47 PM
I posted my computer business here which is now on page 3 now but will post again when I get to page 4. So not sure why anyone would tell you not to post it is titled Services and Products.
Title: Re: I am here to help
Post by: mortgageguy on September 09, 2008, 05:38:12 PM
I was told basically by the Admin of the site that this is a low budget site and that my advertising was frowned upon.  Please know that I am not one to ever want to start trouble whatsoever.  I just wanted to reach out to people here in our community that might need to lean on someone who is experienced who might really be able to help them.

Rates went down again today but I do not want to get booted off the site so if anyone wants to reach me I check my emails all day.  I am never too busy to help out.

Oh yeah and Go Bears!!!

Thanks!!!
Title: Re: I am here to help
Post by: Manatee on September 10, 2008, 03:44:52 AM
You posting is no different than anyone else posting about their services and products.  Please keep us educated and informed about the market.  Obviously you have support of many New Elginites, so keep posting!

Go Cubs ... Let's Get Some Runs!
Title: Re: I am here to help
Post by: Summer :) on September 10, 2008, 04:59:00 AM
Admin... what say you?  His post is no different then Fall Clean up posted in late Aug.  prices, details of services, company name, phone number etc.
Title: Re: I am here to help
Post by: mortgageguy on September 10, 2008, 05:20:16 AM
Thank you for the support.  I will keep on posting to keep everyone in the loop.  Today looks to be a down day for rates as some of the steam is let out of the rally.  But in general we should see rates stay in this range for a while. 
Title: Re: I am here to help
Post by: Primrose on September 10, 2008, 07:26:20 AM
I have to say I am with ADMIN on this one.  I understand making a post once per month or every couple weeks.  However, I don't really feel it is necessary to post the current rates every day or more than once a week.  Members do have the opportunity to make real advertisements on this site by joining www.google.com/adsense and specifically choose to advertise through google adsense on this site. 

I don't want to log on and see 50 different posts by 5 different people that are all advertisements.
I don't run the site, but I think that is what ADMIN is getting at.

There are hundreds of sites to advertise on and I would just prefer in the future not to have to muddle through 20 advertisements to read the info about the community.

Keeping the community informed is fine, however, please be respectful with the number of advertisement type posts.  Steve G has done a fine job with this, he has "advertised" but not in and overkill fashion: 

http://www.newelgin.com/index.php?topic=851.0

thanks
Title: Re: I am here to help
Post by: crazykid on September 10, 2008, 07:28:55 AM
That's right....Admin... how about a little explaining!!  Take a look at everyone else promoting their businesses!!  Is it maybe that u are in the same business as MORTGAGEGUY and he is taking people away from you????  Not to start any trouble or anything!!! ???
Title: Re: I am here to help
Post by: Primrose on September 10, 2008, 07:30:41 AM
CrazyKid - I can attest, ADMIN is NOT in the same business as MORTAGEGUY.  He is only trying to maintain the integrity of the site.

thanks
Title: Re: I am here to help
Post by: GoBraves on September 10, 2008, 07:43:57 AM
Aren't we all adults on this site?  If so, then we need to start acting like adults.

If you are only on this site to yell and argue, then please leave.  Elgin.com is a vital resource to many of us homeowners.  Please do not ruin this site with all of the bickering.  Grow up!
Title: Re: I am here to help
Post by: mortgageguy on September 10, 2008, 08:11:36 AM
Like I said I do not want to start trouble and per my last post I will not list current market rates.  I am on my computer off and on all day and more then happy to help people.  But in all fairness, you can not select one person such as myself and tell me to advertise on google when the same message is not being passed out to every other person who has listed what they do as a profession on this site.  Really we are all just hard working adults trying to promote what we love to do.  That is why I thought there was a Products and Services category.

Thanks!
Title: Re: I am here to help
Post by: GirlWindy on September 10, 2008, 08:16:36 AM
Ok, everybody settle down.  I agree, lets think through this like adults.

While I didn't understand what the problem was with advertising here, I now see Primrose's point of view as well.  I think the point was we don't want any thread dominating the most recent posts every single day - hot topics are one thing, but they usually fade after a few days.  Maybe the problem was not so much the advertising itself, but the frequent updates with rates/etc that the Admin took issue with because it kept the thread (regardless of intention) at the top of the recent topics every day.

MortgageGuy - hope you will stick around the board.  We might get uppidity at times, but in general, this is a pretty great site......

GROUP HUG!!!  lol....




Title: Re: I am here to help
Post by: Primrose on September 10, 2008, 08:32:37 AM
Group hug! Did some one say time Haiku time?   ;D

Mortgage rates are low
Be smart with your finances
He is here to help



 ;)
Title: Re: I am here to help
Post by: mortgageguy on September 10, 2008, 08:36:28 AM
Dont worry I will be sticking around and I understand each side of the point.  What I will do is touch base from time to time about what is going on in the market.  My goal was not to make posts everyday but rates kept falling and I wanted people to be aware so that they did not lock at a higher rate.  Just trying to look out for my fellow New Elginites!
Title: Re: I am here to help
Post by: Admin on September 10, 2008, 02:18:42 PM
For the record I am in IT working for the man.  I sit behind a desk most of the day writing code.  I don't sell mortgages. :D

This site is maintained by me and built by all the members here.  It is a community effort.  My main goal is to keep the members happy and information flowing.

mortgageguy, I reread my message to you and quiet honestly I came across as a jerk.  I apologize.  I typed the PM fast during my lunch break.  My intent was to help you advertise effectively on this or any forum.  Obviously there are no guidelines for advertising and that is makes it difficult to walk the line.  I admire your ambition in building your business and choosing to do it here.

The point I wanted to make with my PM was, "Give more to the community than you take".  It is really the best way to effectively advertise to websavvy people.  Posting the current rates seems like a commercial to me and does not seem to add much value.  Looks like many here disagree.  If the members here disagree I will back off.  What I would hate to see happen is people coming here to post their marketing material and not give anything to the community.  Based on your response it does not seem to be your intent.

What honestly tripped my mental spam filter is sgtdisney said:
Quote
How are the appraisals coming in, in our area lately.   Are they coming in lower than the selling prices of some of the houses, or are they still pretty equal.
  And you did not answer.  That made me worry that you did not care to answer questions.  Obviously that is not the case.

Here is how I recommend advertising on this forum:
- go to your profile and put your URL of you website in your footer.  This way it appears every time you post a message.
- Answer every question that you can.  If they like your answer they are likely to click the footer link and get more info on your services.
- Offer discounts to newelgin.com members.  This can help grow membership on this site and bring you business.
- Go to www.google.com/adsense and run ads targeted to this site.

My final sentences of my PM to you were an invitation to open dialog on how I can help you effectively advertise on newelgin.com.  That remains open to you and every one who wants to advertise here.  I should get a page set up dedicated to guidelines and suggestions for advertising.  If done correctly it can be a win/win for everyone.

I see you legitimately want to help people.  I appreciate that.
Title: Re: I am here to help
Post by: DML on September 10, 2008, 06:02:40 PM
So far I have not had any real problems.  Most of the appraisals have been at value or purchase price.  But I am sure like 1 year from now once more homes are sold at the cheaper prices we will see values showing lower.  That is why when people say they want to wait I have to caution them that waiting may actually hurt them.

But so far our direct area here has been ok.

Admin for the record he did answer that question.
Title: Re: I am here to help
Post by: mortgageguy on September 10, 2008, 07:32:08 PM
Thanks for the clarification Admin and I did answer the question about the appraisals.  I live right here in Copper Springs (Centex) so I am local.

Also I would not have any issues offering $500 off closing costs to anyone who is a member of the New Elgin site.  I do not have a website as I generally prefer to be more hands on and direct with my borrowers. 

Thanks everyone and have a great rest of the night...and lets keep hoping that rates go lower and lower!   ;D
Title: Re: I am here to help
Post by: Admin on September 10, 2008, 07:51:19 PM
So far I have not had any real problems.  Most of the appraisals have been at value or purchase price.  But I am sure like 1 year from now once more homes are sold at the cheaper prices we will see values showing lower.  That is why when people say they want to wait I have to caution them that waiting may actually hurt them.

But so far our direct area here has been ok.

Admin for the record he did answer that question.

OK, I am losing it.  My bad.  Carry on.

$500, now we are talking.  ;)  Very generous.
Title: Re: I am here to help
Post by: mortgageguy on September 11, 2008, 12:04:54 PM
As promised I would only post rates if anything significant has happened.  Today and maybe today only... FHA and VA loans are at 5.5% for 30 years.  I hope they continue to come down but this is as low as 2003.  Not too shabby!
Title: Re: I am here to help
Post by: TomPopo on September 11, 2008, 03:56:43 PM
5.5% is great but I am looking for 5% as I am just under 6% now and it has to be lower to make it worth my while!
Title: Re: I am here to help
Post by: GoBraves on September 11, 2008, 04:40:08 PM
My wife and I are looking for a 2%.  Any takers?
Title: Re: I am here to help
Post by: mortgageguy on September 25, 2008, 11:42:20 AM
Nothing new to report New-Elginites!  The government bailout package has pushed mortgage rates back up here temporarily.  We'll see what the coming weeks will bring.  Hope everyone is well!
Title: Re: I am here to help
Post by: mortgageguy on October 29, 2008, 07:21:25 AM
I received a message from a Joe and Melissa but the number that was left on my voicemail goes to a business line.  If you are out there send me a message and I will try reaching you again.  I do not want you to think that I am not calling you back.

Thanks and I hope everyone is doing well!!!
Title: Re: I am here to help
Post by: GoBraves on October 29, 2008, 07:35:48 AM
Hello.  I am a resident in Waterford.  My name is Brian, and I am a financail consultant.  Have you ever teamed up with a financail planner with your mortgage clients?  With the market unrest and unstability, I many be able to help you and your clients.

Please let me know.  Thanks.

Brian Luebbering
847-742-9124
Title: Re: I am here to help
Post by: mortgageguy on October 29, 2008, 08:19:07 AM
Thanks Brian I sent you a private message.  Get in touch with me when you can.
Title: Re: I am here to help
Post by: mortgageguy on November 25, 2008, 09:37:25 AM
Well they did it again...mortgage rates have dropped into the mid to upper 5% range.  Just like last time I am not sure how long the window of opportunity will be available.  Mortgage rates have been moving just as violently as the stock market this year.  If anyone would like to look into a FREE Mortgage Analysis please let me know.  I can go over your options and see if refinancing makes sense for you. 

Have a great day!!!  ;D
Title: Re: I am here to help
Post by: mortgageguy on December 04, 2008, 09:41:01 AM
Just an update...

I am sure many of you are reading that the government is toying with an idea to push mortgage rates down to 4.5% to help to spur buying again.  Initially when I read this I was super excited since I assumed that would mean that everyone would be able to take advantage of this for refinances.  Well as you read on it is said that this is for "new home buyers" to help jump start home buying again. 

But overall mortgage rates are the best they have been in 5 years.

Also on December 16th, the Federal Reserve is most likely going to slash bank lending rates.  Some analysts are guessing they'll cut by as much as .75% which would bring us the lowest ever federal funds rate of .250%.  And although this is great for loans that are tied to prime...it normally means that mortgage rates will go up b/c for the inflation implications.

Be very careful that you do not miss out on a great opportunity to refinance your loan.  We know rates are good now...but they wont be this low forever.

Hope all is well!  Have a great day!!!

Title: Re: I am here to help
Post by: mortgageguy on December 12, 2008, 07:38:08 AM
Just a real quick update before the weekend!  The Fed will announce next Tuesday how much they will cut off the Federal funds rate.  Although this is good for people who have home equity loans it is NOT good for long term rates and will push the 30 year rates back up off their lows.  In some cases we are back down to historic lows again.

If you're thinking about refinancing rates are still in the mid to upper 5% range (depending on your specific situation).

I am always available to help so let me know what I can do for you!

Have a nice weekend!!!   ;D
Title: Re: I am here to help
Post by: ams on December 12, 2008, 08:13:41 AM
hi
i have a question... yesterday in mail i received something about some program that is supposed to help with the payoff off a mortagage.. it is called money merge account (mma) system.. it sounded too good on paper.. what is it and is it for real -- if you can provide some info .. thanks
Title: Re: I am here to help
Post by: ACMC on December 12, 2008, 08:38:03 AM
An MMA account works.  It's a formula that calculates how much and when to pay extra money towards your principal, in turn saving big on the on the interest.  It works only when you set up a single account to do all your finances....you pay all your bills through this account and you deposit all your paychecks into it as well.  Every 3 months or so the software will tell you to send additional money towards your principal of your mortgage (ie $2200).. this gets made up by your additional income that gets deposited into your account.  Basically it is a software that manages your finances but it's goal is to pay off your mortgage as soon as possible considering your income and all your other bills.

Hope that helps!
Title: Re: I am here to help
Post by: DebbieW on December 12, 2008, 09:05:35 AM
I went to a class on MMA.  I too thought it sounded too good to be true.  I talked to people who are using it and they say it is working great for them.  It is a pretty pricey investment though to get started. 
Title: Re: I am here to help
Post by: ACMC on December 12, 2008, 09:13:48 AM
Yes it is pricey.. around $3500.
Title: Re: I am here to help
Post by: mortgageguy on December 12, 2008, 10:22:48 AM
Also from what I have heard you need to utilize a home equity loan also for the program to work and with home values down and second mortgage lenders tightening the belt that has been hard to obtain.  Also with the ever changing economy and people losing their jobs even after 20 years...that program would be hard to stick to.  But it does work if you are in the position to make it work.
Title: Re: I am here to
Post by: Primrose on December 12, 2008, 05:01:23 PM
If you can afford it...just make one extra payment each year.  It will cut the time frame of paying off your mortgage from 30 years to about 25 years or an extra payment and a half each year will shorten it by about 7 years
Title: Re: I am here to help
Post by: gotk on December 14, 2008, 09:06:43 PM
While I don't have any personal knowledge of Money Merge Accounts, I found it interesting that the first google hit for it was: "Debunking the Money Merge Account Scam"
http://www.searchlightcrusade.net/2008/03/debunking_the_money_merge_acco.html

As Primrose suggested -- if you can manage to just pay extra on your own (e.g. an extra mortgage payment per year), you'll save any up-front investment fees -- and by putting those extra up-front fees into your mortgage (instead of fees), you'll probably be better off.

From what I can tell -- the idea behind the MMA is not so much that it saves you money in and of itself-- but rather that it *may* encourage you to put money into your mortgage that you wouldn't otherwise.  I'm not one to pay $3500 for a little self-control encouragement, but to each their own.  (and maybe I'm wrong - maybe there's more to it, but that was my first impression) :}
Title: Re: I am here to help
Post by: mortgageguy on December 15, 2008, 08:56:04 AM
I am glad that we have a board who is smart enough to look into things!!!  I try to tell people all the time to fully research everything that they do when it comes to a mortgage. 

Also just a reminder tomorrow the Fed will cut rates again and will push the 30 year up for the time being.  My guess would be until after the holidays.  My suggestion to anyone thinking about refinancing whether it is with me or someone else, to attempt to lock in while we are sitting right near the all time lows!

Stay WARM and have a good day everyone!!!
Title: Re: I am here to help
Post by: Primrose on December 15, 2008, 11:01:39 AM
Mortgage Guy -

I am curious as to why you say the mortgage rates will jump if and when the Fed cuts the "Fed funds rate"  There has been no real corellation between the two.

Below is a list of articles stating otherwise?
As long as demand continues to be VERY high for the long bond(30yr) and the 10 year bond continue to make new highs(Higher price = lower rate), the mortage rates will continue to fall.

My guess is that rates remain this low through the holidays...becuase people don't want to be moving funds out of the "safe investments"(US bonds) until after the new year and even with that...people continue to move their equity(stock) investments into safer investments such as bonds and CDs.


http://www.getrichslowly.org/blog/2008/01/31/are-mortgage-rates-tied-to-the-federal-funds-rate/
http://library.hsh.com/?row_id=90
https://www.quickenloans.com/mortgage-news/does-the-fed-rate-cut-affect-your-mortgage-rate-5231
http://www.urbandigs.com/2007/05/does_fed_funds_rate_affect_mor.html
http://www.azmortgageguru.com/mortgage-rates-not-related-to-the-federal-funds-rate/


Just here to educate...
Title: Re: I am here to help
Post by: mortgageguy on December 15, 2008, 11:11:27 AM
There is still a huge disconnect between the yield on the 10 year note (2.53%) and the 30 year fixed rates today (5.50%).  You are normally right as to when the yield stays low so do the rates.  But in 2002/2003 historic refi-boom, the 10 year never made it into the 2's yet the lowest rates were then were 4.875% for a 30 year fixed.

Thank you for the links as they should help people to understand....but these are strange times.  Banks are still holding a lot of premium right now b/c they are afraid to lend with total confidence.  In the past banks were more willing to lend and rates did continue to drop. 

Trust me when I say the rates will go up short term after tomorrow.  Everytime over the past 18 months that the fed has cut rates...they have gone up. 

I will send you a message since the site I want to show you will not allow me to post the link since you would need my passwords so I will just copy and paste the text for you!!!

Thanks!!!
Title: Re: I am here to help
Post by: VGAMERO23 on December 16, 2008, 07:35:29 PM
NOW WHAT?
How is the rates now?
Title: Re: I am here to help
Post by: mortgageguy on December 17, 2008, 07:56:20 AM
Most lenders are just now publishing their rates for us so I am going to go in and I will email shortly where were are at.  Now that the prime rate is 3.25%...that will help any of you that home a home equity line of credit.  But as far as the long term 30 year fixed rates go I will update you all shortly!  Hope everyone is staying warm!
Title: Re: I am here to help
Post by: mommyof2 on December 19, 2008, 06:15:58 AM
Can you please email me with a contact number. I emailed you yesterday as well. Thanks. Looking to refinance.
Michelle
Title: Re: I am here to help
Post by: mortgageguy on December 19, 2008, 07:37:32 AM
mommyof2...I just sent you a message with all of my contact info.  Look forward to hearing from you!  :)
Title: Re: I am here to help
Post by: mortgageguy on January 06, 2009, 09:02:07 AM
Hello New Elginites!!!  I hope everyone is doing well!  Mortgage rates have begun to come back down now that the government has started buying up mortgage backed securities.  As no one really knows how low rates will go we all know that this may be the best 30 year fixed rates that we have ever seen.

My advice to you is to at least get yourself in process.  Since rates have dropped underwriting turn-times are much longer since many companies are under staffed due to how slow the business was the past few years.  My company does not charge upfront fees to get your file in process and underwriting. 

Being prepared might mean the difference of getting the rate you really want!!!

If you have any questions email me and I will get right back to you!

Thanks and have a good day!!!
Title: Re: I am here to help
Post by: mortgageguy on February 20, 2009, 11:06:56 AM
I have not posted any updates as of late since there have not been many changes.  We did see rates touch 5% in January and then they quickly spiked back up to around 5.50%.  They are now coming back down and I hope they will hit 5% any day now.  Many have asked why rates went back up in such a bad economy.  The answer is simple.  Lenders have been cutting staff for a few years now trying to survive.  When they dropped rates, they did not take into effect how much business they would actually bring in.  So the only way for them to get caught up was to push up the rates short term.

Well it appears that lenders are now finally getting caught up and if you are prepared you can position yourself to take advantage.  Loans that are already in process and approved are able to utilize shorter term locks and close quicker.  By doing this you can grab a lower rate.  If you wait until the rates drop and then put yourself in process you are looking at a longer turn-time and possibly a higher rate.

I am available if you have any questions and or concerns.  Have a great day!!!!
Title: Re: I am here to help
Post by: sgtdisney on February 20, 2009, 11:13:52 AM
Mortgateguy, anymore information on how someone who is paying their mortgate on time, but has seen their equity evaporate now that the builders have dropped house prices by 100,000 or more can take advantage of these rates.    Just wondering if you had heard any news on the different stimulus plans and how they can help (or hinder) the homeowner who isn't delinquent on their payments. 
Title: Re: I am here to help
Post by: mortgageguy on February 20, 2009, 11:39:30 AM
Although we have heard about the plans to help homeowners whose equity has vanished...no official plans from any of the national lenders (Wells, Countrywide, GMAC, Chase) etc...have been announced. 

Also people keep telling me that they hear rates are going down to 4.5% and my only reply to them is what are the terms going to be.  The government does not make mortgage rates, it is the lenders who service these loans!  The 4.5% rate "may" be possible but if the restriction is 20% equity with 740 credit scores are the qualifiers...they is going to exclude a lot of people.  In my honest opinion 5% is a great rate.  If we touch down to 4.875% to 4.75% and you can grab it consider yourself lucky!
Title: Re: I am here to help
Post by: mortgageguy on March 03, 2009, 04:48:57 PM
We are supposed to hear on March 5th about the possibility to help some home owners who are trapped in their loans with negative equity as part of the stimulus that was passed by the president.  But what I have been seeing is that with the continued tightening by the lenders with guidelines and home values that the longer people wait to refinance the worse it is.  Hopefully...and I mean hopefully we can get rates to move down more.  After I learn about the changes I will keep everyone posted.
Title: Re: I am here to help
Post by: mortgageguy on March 13, 2009, 08:40:53 AM
Other then mortgage rates coming back down to 5% again...not much has really happened as far as the mortgage modification section of the stimulus package.  And from what I have read so far you can not be late on any payments, and they only allow you to have 5% negative equity.  As more details come out and as more lenders advertise what can be done I will let everyone know.

Otherwise this is still the BEST time in many years to refinance!

Have a great day!!!   ;D
Title: Re: I am here to help
Post by: mortgageguy on March 18, 2009, 06:49:26 PM
The Fed today did not lower short term rates as there is really no more room to go lower.  But their pledge to continue to buy long term securities and mortgage bonds was very good to hear!  The markets responded well and rates are looking good once again.  But here is the kicker...even if rates continue to drop, lower home values and much tougher underwriting guidelies are killing even strong deals.

My best advice is if you do want to refinance, then get working on it.  Some lenders have long delays in underwriting due to the increased volume.  You do not want to get caught on the outside looking in.

Please keep in mind Mortgage Analysis are FREE and take minutes to get started.  I am also still honoring my $500 credit at closing to all New Elgin members.

Have a good night!!!
Title: Re: I am here to help
Post by: mortgageguy on April 03, 2009, 06:50:11 PM
It is FINALLY being rolled out...the Fannie and Freddie plan that has been talked about as part of the stimulus package.  I do not have all of the details so far but is does appear to be much more promising then previously thought!  If you are one of the many in our neighborhood that has wanted to refinance and has not been able to because of negative equity...you do not have to wait anymore.

Please give me a call/email and we can get the process started!  Being prepared is key in this market with wild swings in interest rates and longer then normal underwriting review just because of the massive amount of loans in the pipeline. 

Thanks and have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on April 17, 2009, 07:51:05 AM
*****MORTGAGE UPDATE*****

A few more lenders have released the "Fannie Mae DU Refi Plus" program but the rules and regs are pretty strict.  First of all your loan must be owned by Fannie Mae.  If your loan is a Freddie Mac loan and you upside down on the home, you would have to contact your current servicing lender to try to refi. 

Also this program does not apply to FHA and VA loans.  The reason for this is that FHA and VA both have a fantastic Streamline program that you can utilize to lower your rate without having to do an appraisal.  The only catch is NO late payments in the past 12 months and by late they mean nothing 30 days late.  So if you made a payment on the 19th after your grace period you are still ok!

Rates are great but we do not know how long this will last.  Keep me in mind if I can help in anyway.

Have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on April 30, 2009, 11:20:24 AM
OK the Fannie Mae Du refi plus program is pretty much fully rolled out now.  For most of us who has lost equity, this may be a great way to refinance.  The basic rule if you qualify is that if your current loan now does NOT have PMI...then you would not need it on the new loan.  If your current loan DOES have PMI, then the PMI would carry over to the new loan.  They are maxing people out at 105% of the "estimated" appraised value.  I have posted below the link to look and see if your home might be eligible or if it is owned by Fannie Mae.  This only applies to Conventional conforming loans.  If you currently have a Jumbo loan, then you would not be able to take advantage of this program just yet.  But we have some really good Jumbo rates available!  Also don't forget that FHA and VA loan holders can take advantage of the Streamline Refinance process!!!

Thanks a lot and please do not hesitate to email me with questions!

http://loanlookup.fanniemae.com/loanlookup/ (http://loanlookup.fanniemae.com/loanlookup/)
Title: Re: I am here to help
Post by: mortgageguy on May 15, 2009, 10:14:13 AM
Just to update...I have been able to run a few of these Fannie Mae loans through and so far the 2 that I have done did not require an appaisal which is huge in being able to refinance if you have lost some of your equity.  Rates are great so let me know how I can help!!!

Thanks and have a nice (Rain Free) weekend!  ;D
Title: Re: I am here to help
Post by: lucky_man on May 26, 2009, 08:10:25 AM
Hello  -

I just closed on a refi with Nick the (mortgage guy). At First I was real hesitant to contact nick , I am a private guy and did not want a neighbor knowing all my finances. Well I am  glad I decided to contact Nick. For One his rate was the lowest I found, I even called my friend that  i grew up with,he could not match what nick quoted me. To be frank it sounded to good to be true, because there is more than a rate you need to be concerned with, like cost and costumer service. Nick's cost where just plan low and he answers the phone after you made the deal.  Over the past 10 years I have done  5 refi on 3 different homes not to metion  the closings on those 3 homes.

Nick gets 5 stars the best I have ever used. Friend's you would be making a big mistake if you have not contacted Nick to see if he could save you money .

Hope this does not sound to much like a commercial I just really happy I contacted Nick and I wanted to share my experience

Ryan
Title: Re: I am here to help
Post by: mortgageguy on May 28, 2009, 09:55:34 AM
Rate Update...and not a good one

Mortgage rates over the past week have been pushed up quite a bit by some better then expected economic news as well as an over supply of bonds right now.  Now I am not saying that they will not come back down...but it is going to take a little time for things to settle down.  I will keep everyone posted as soon as things start to get better.

BUT...this does not mean that you should not still work on trying to see if a refinance would work for you.  Since underwriting turn-a-round times are just horrible right now some files are sitting in underwriting 2-3 weeks before being looked at.  I have been saying this for a while now but being prepared is the key to winning the game right now.

Hope all is well and I will post another update as soon as something good starts to happen!!!
Title: Re: I am here to help
Post by: mortgageguy on June 26, 2009, 08:52:08 AM
***Happy Friday***

I just wanted to keep in touch and let everyone know that mortgage rates finally peaked and have begun the slow process of coming down.  When it comes to rates...they normally take twice as long to come down as it takes for them to shoot up.  Some recent economic data along with tame inflation numbers have things looking good for mortgage bonds...and rates.  As things get better and we move back down to the 5% level I will let you all know.  Hope you are doing well and keep me in mind if there is anything I can do to help!!!  Have a great weekend!!!  ;D
Title: Re: I am here to help
Post by: mortgageguy on June 29, 2009, 07:18:20 PM
FHA, VA, and Conventional Arm rates have plummeted!!!

This industry comes and goes in waves mostly based on supply and demand!  The market was flooded on the secondary market with fixed rate mortgage backed securities and thus the fixed rates went up.  Now there is a demand for Adjustable rate mortgages again.  In most cases with good credit, you can secure an adjustable rate in the low to mid 4% range. 

Many people have blamed the ARM for part of the financial crisis but they are not correct.  The biggest amount of loans that went into default were loans where people bought more then they could afford.  Just as long as you approach the program the correct way, you can really save a lot of money with an adjustable rate now!
Title: Re: I am here to help
Post by: mortgageguy on August 14, 2009, 10:48:04 AM
Hello everyone!!!  I just wanted to keep in touch with you to let you know that nothing major has changed in the past few weeks.  The 30 year fixed is in the low 5's right now and the adjustable rates are still in the low 4's.  There has been a lot of volatility in both the stock market and mortgage bond market which has made it hard for rates to push down to their early 09 lows. 

But I have been doing a lot more of the Fannie Mae refinances and I even had 1 come back the other day without needing an appraisal at all.  Not many get this but that is always a possibility. 

As I am always here to help when I can...let me know what I can do for you!!!

Thanks and have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on August 24, 2009, 08:58:29 AM
***PROGRAM UPDATE***

This is specifically about credit score and some of the recent changes.

For Conventional loans... Chase is not allowing any Conventional loans under a 660 credit score. 

For FHA loans...many lenders are starting to really clamp down on score specifically.  Although we have a few that will still do loans down to 600 score...many have changed or will be changing their guidelines to read scores no less then 640.

So if you know someone who has an FHA loan with no late payments and low scores...they can still take advantage as of now.  But once the change happens...I really doubt that will ever be relaxed again!

Hopefully this helps someone out there as many of these changes are happening on a daily basis.  As always I will do my best to keep you in the loop! 

Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on September 02, 2009, 10:18:23 AM
***FHA/VA 30 Year fixed down to 5.00%/APR 5.174***

B/c of the more relaxed underwriting guidelines, cheaper PMI, and gentler appraisal rules...FHA and VA loans have been making a giant come back.  Gone are the days where FHA was for only people with rough credit!

I am always available if you need any help...just let me know.

Have a great day!!! 

Title: Re: I am here to help
Post by: mortgageguy on September 11, 2009, 08:10:39 AM
<Happy Friday>

Nothing really major to update you on for right now.  Rates are still pretty much at the lows from earlier this year.  I would be pretty shocked if we see them dip down any more...but if it happens you will know about it right away.

Also the major reason that mortgage rates are low right now is due to the government and treasury department purchasing mortgage backed securities (mortgage bonds) in large portions.  They are most likely going to continue to purchase until the end of this year when they pool of money they set aside is gone. 

What scares me the most is that "if" they do not extend the program and just shut it off completely...you will see a quick spike in rates.  Some people have projected 6% and above range.  But that also poses a threat to homebuyers as with higher rates comes higher payments.  Buyers are more conservative now then they ever have.  So the FED is in a pickle!

As you can tell I am the least pushy salesmen out there but I do caution you that if you wait too long to refinance (that is if you are in the market to), you surely will regret it.

Have a great weekend...the weather looks to be just perfect!!!
Title: Re: I am here to help
Post by: mortgageguy on September 18, 2009, 11:57:43 AM
***MAJOR PROGRAM CHANGE COMING***

FHA has announced that they are revising their popular Streamline Refinance program effective on or about November 18th.  The new revisions are going to cause applicants to have to bring in a significant amount of money into closing if they are going to use the No Appraisal method.  If they do an appraisal, then as long as there is equity they can still finance in closing costs and money to set up the new tax escrow account.  BUT...as we all know getting homes to appraise out is not an easy task!

Although this may not effect you, it may for someone you know.  Please make sure that you let others who have FHA loans know since this will be another big blow to homeowners.  In a time when you would think they would be trying their best to help consumers...we take yet another step back!

Other then that...have a nice weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on September 23, 2009, 08:27:12 AM
FED ANNOUNCEMENT TODAY!!!

Today the fed concludes their 2 day meeting and at 1:15PM central time the Fed will release their statement on monetary policy.  Days like today have been quite volatile in the past.  Hopefully the data goes in the favor of mortgage bonds and I can follow up this post later today with good news.  Just wanted to keep you all in the loop!

Happy Wednesday!!!
Title: Re: I am here to help
Post by: mortgageguy on September 23, 2009, 10:44:44 AM
Good reaction from the Fed.  No change in short term rate...but the FED will continue the bond purchasing program until 1st quarter of 2010.  They are not going to expand the current 1.25 Trillion that has been committed, so they are just going to stretch out the remaining money over the additional 3 months.  So this means that rates will likely stay low where they are now...but not likely we see them drop down too much more!
Title: Re: I am here to help
Post by: mortgageguy on September 24, 2009, 12:56:47 PM
Just a reminder that if you hold a conventional loan...it is quite possible that you may qualify for the DU Refi plus loan if your loan is with Fannie Mae.  You can search by your address with the link I will provide below.  For some people on this program (but not all) an appraisal may not be required.  But in order to know we have to run you through the system to see if you qualify.  Remember...my company does not take ANY upfront application fees, so other then your time this is FREE to investigate.

http://loanlookup.fanniemae.com/loanlookup/

Also FHA's guideline changes go into effect mid November...so anyone holding an FHA loan that wants to streamline the process would need to call ASAP.  VA has not announced any changes to their streamline program yet...key word being yet.

Title: Re: I am here to help
Post by: mortgageguy on October 02, 2009, 07:54:19 AM
EXCITING NEWS!!!

One of our major lenders is going to have a program for FREDDIE MAC loans starting on Monday.  There are quite a few of you that I had talked to in the past about refinancing and we could not b/c there was no access to this program.

PLEASE...PLEASE...PLEASE...send me a message or email if this is the case.  Rates are great right now for Conventional...finally ticking back down to 5% today.  Not sure how long this will last but for now it is great!

I am out of the office today but you can reach me by cell.  Otherwise you can email me or send me a message and I can contact you this weekend!!!

Do not hesitate since the market is VERY volatile and rates could jump back up at any moment.

Have a great day and hope to talk to you soon!!!
Title: Re: I am here to help
Post by: mortgageguy on October 07, 2009, 06:09:16 AM
Update

GMAC was having issues getting the guidelines in print for the new Freddie program.  The program is in existence...but I will not be able to see the specifics until Monday.  I still urge you to at least call so that I can take your application to get the process started.  Being ahead of the game will mean that you can get the BEST rate possible!!!

Title: Re: I am here to help
Post by: mortgageguy on October 09, 2009, 07:28:24 AM
Happy Friday!!!

Mortgage rates are back near all time lows again but today the market is pulling back some with Monday being a holiday.  Lenders are typically conservative going into a holiday weekend so we will not see rates bounce back until mid next week some time.

I am hoping the Freddie program to be fully rolled out on Monday and I will post the program highlights for all of you who have not been able to take advantage of the Fannie program.  Also just to update I am doing another home in our area which is a Fannie Mae loan that was able to get the Appraisal waiver!  So there is hope for us as we all have lost value in our homes!

I am always here to help so do not hesitate to call/email me.

Have a great weekend!!!   ;D
Title: Re: I am here to help
Post by: mortgageguy on October 13, 2009, 09:42:50 AM
FREDDIE OPEN ACCESS PROGRAM IS HERE!

This program is very similar to the Fannie program which allows you to refinance your home even if you have lost value.  This is best for people who put 20%+ down before but now might only have 5% or less equity in your home.  They have this program set up the same as Fannie to where I need to take a complete application from you and run the file through their system to ensure that you do qualify for the program. 

Rates are still at all time lows!!!  Do not delay if you think you might be able to take advantage of this program!!!

Thank you and have a great day!!!  ;D
Title: Re: I am here to help
Post by: mortgageguy on October 22, 2009, 10:06:32 AM
Nothing new to report on other then rates continue to stay in the low 5's which is great!  If you have patience to deal with slightly longer turnaround times and picky underwriters you will come out in the end benefiting with a GREAT rate! 

There is no harm (or cost) to look into seeing what your options are.  As you know...I am here to help and just a call/email away!

Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on October 30, 2009, 06:20:16 AM
Major change from a big lender!!!

I am not sure how many people on NewElgin will be affected by this but I want to still get the word out!  In the middle of November FHA is going to make major changes to it popular streamline program.  They will now require certain credit scores, employment verifications, and you can no longer finance back into your loan ANY cost associated with the loan.

GMAC as of right now is our LAST lender that will still do FHA streamlines with no credit score as long as you are on time with your payments for 12 months.  Well we just were given the heads up by our internal GMAC rep that as soon as Monday a memo will be going out changing their policy to a minimum of 640 for all FHA loans.

Like I said...this may not impact a lot of people here but a lot of people are going to suffer because of this.  If you know anyone with an FHA loan with a rate at 5.50% or higher...I would urge them to considering refinancing NOW!!! 

Lenders are taking steps back when they should be stepping up to help more people.  The only thing I can do is to keep you in the know so that you can try to take advantage while you can!

Hope everyone has a great day...and Halloween weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on November 02, 2009, 06:59:25 AM
LAST DAY FOR FHA STREAMLINES WITH LOW CREDIT SCORES!!!!!!!

THE LAST LENDER (GMAC) THAT WAS ALLOWING US TO REFINANCE FHA STREAMLINES WITH NO CREDIT SCORE VERIFICATION AS LONG AS YOU WERE NOT LATE ON THE MORTGAGE...ENDS TODAY!

BASICALLY FROM HERE ON OUT DEPENDING ON THE LENDER YOU WILL NEED AT LEAST A 620 CREDIT SCORE AND SOME LENDERS EVEN REQUIRE A 660 TO DO AN FHA STREAMLINE.

LIKE I HAVE STATED BEFORE THIS MAY NOT IMPACT MANY PEOPLE HERE BUT YOU MAY KNOW SOMEONE WITH AN FHA LOAN THAT MIGHT BE ABLE TO SQUEAK IN.

I WILL BE AVAILABLE ON MY CELL ALL DAY TODAY IF ANYONE NEEDS TO CALL.  THANKS AND HAVE A GREAT DAY!!!!
Title: Re: I am here to help
Post by: mortgageguy on November 09, 2009, 08:52:08 AM
Just a quick reminder that FHA policy changes take effect next Tuesday the 17th of November.  The FHA Streamline program will drastically change on this day...so if you or anyone you know is in a FHA loan and wants to take advantage of these record low rates...have them call or email me!  Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on November 12, 2009, 08:01:49 AM
HAPPY THURSDAY!!!

Monday is the last day to lock in those FHA Streamlines under the current guideline.  Policy changes take place beginning the morning of the 17th.

 ;D
Title: Re: I am here to help
Post by: mortgageguy on November 16, 2009, 11:00:27 AM
Just a reminder...

Today is the last day for us to get in and register FHA refinance's under the current and soon to be old guideline.  Please call my cell if you need to reach me!  Thanks and have a great rest of the week!!!   ;D
Title: Re: I am here to help
Post by: mortgageguy on November 17, 2009, 07:26:46 AM
Mortgage rates continue to stay at record lows which is allowing a lot of people to refinance.  Especially with the additions of the Fannie and Freddie refinance programs it is making the impossible...possible.  Call/email me if you have any questions!!!
Title: Re: I am here to help
Post by: mortgageguy on November 24, 2009, 01:48:32 PM
Mortgage rates back to record lows.  Those of you that are in process that is good.  Underwriting turn times are beginning to increase which means if you want to refinance and close before the end of the year we need to get your loan submitted ASAP!  Remember a FREE Mortgage analysis will give us an idea if we are able to proceed further.  Please call/email me if I can help!!!

Thanks!!!!
Title: Re: I am here to help
Post by: mortgageguy on November 25, 2009, 09:34:24 AM
I just wanted to wish everyone on New Elgin a very safe and Happy Thanksgiving!!!
Title: Re: I am here to help
Post by: mortgageguy on December 01, 2009, 09:12:10 AM
Mortgage rates are just awesome right now.  In the past it was easy for me to list mortgage rates but that is impossible right now.  Because of the complexity of each loan...one person could qualify for 4.75% and someone 2 houses down might get 5.375%.  It all depends on credit score, loan amount, loan to value, if you have any secondary financing, etc...

I would though strongly URGE you to at least try to take advantage while we are clearly sitting in the historic rate section. 

As always with me...we do not charge any application fees to take a look and see what we can come up with for you.  You can call/email me if you would like to look into this.

Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on December 29, 2009, 10:59:35 AM
Mortgage rates have edged up a bit over the past few weeks which is quite normal for this time of year. 2010 looks to be interesting with new legislation going into effect 01/01/2010 which is going to make it harder for mortgage brokers to exist.  No slowdown on my end as my company is a mortgage banker and has been doing business since 1981!!!  Please feel free to contact me so that we can work ahead on your loan...because as soon as rates drop back down...it is going to get crazy again!!!

Have a safe and Happy New Year!!!
Title: Re: I am here to help
Post by: mortgageguy on January 11, 2010, 12:43:37 PM
Not too much happening these days here in the mortgage world.  Rates which had moved up about .25% over the holidays appear as though they "may" be working their way back down.  Rates do typically move up going into the holidays as the trading world slows down.

Nothing new to speak of on new programs.  Other then slower then normal underwriting times...rates are great and I would urge people to take advantage while they can.  Once they start the climb back up...I am sure it will be for good!
Title: Re: I am here to help
Post by: mortgageguy on January 15, 2010, 08:53:25 AM
Mortgage rates have edged down from the week prior.  I would love to be able to quote current rates...but with so many variables now the lenders have made that impossible.

Have a great weekend!!!!
Title: Re: I am here to help
Post by: mortgageguy on January 21, 2010, 07:45:05 AM
Mortgage rates are again slightly better today and it seems that most of the lenders are getting caught back up with their underwriting and turnaround times.  Rates are great and if you are able to be patient (VERY) you can walk away with a very low interest rate!

Let me know how I can help!!!

Have a great day!!!  ;D
Title: Re: I am here to help
Post by: mortgageguy on January 25, 2010, 09:26:57 AM
We have quite a crazy and volatile week ahead.

Just as mortgage rates have started to come down we are going to have a very volatile week.  I will list below what it on tap.  Also now that underwriting times have FINALLY came back down...you may want to try to get yourself in process now before things heat up again.

This week we'll get...

Various economic reports (some of very high importance)
3 bond auctions totaling about $120 billion
FOMC meeting with announcement on Wednesday.  Although no one expects the Fed to raise rates...how they word their statement is the key!

Buckle up...it should be a wild ride!!!
Title: Re: I am here to help
Post by: mortgageguy on February 02, 2010, 09:57:33 AM
I have launched a new mortgage blog and I have yet to type up my first real topic.

I am looking for some suggestions on what people are looking to learn about or clarify in the mortgage world.  Please feel free to email me or reply back to the post with topics.  Thank you very much!!!

www.nick4loan.wordpress.com

Have a good day!!!   ;D
Title: Re: I am here to help
Post by: mortgageguy on March 01, 2010, 12:07:07 PM
Mortgage rates have been fairly flat over the past few weeks...but that could all change by month's end.

The government has been purchasing mortgage backed securities (Mortgage Bonds) and the plan to purchase will be over by March 31st, 2010.  At this time...they are not saying if they will extend the purchasing of these bonds which helped to keep mortgage rates low. 

I would urge you that if you have thought about, yet not refinanced to shoot me a message.  I would be more then happy to run a FREE Mortgage Analysis to determine what your options may be.

Thanks and lot and Happy March!!!
Title: Re: I am here to help
Post by: mortgageguy on March 05, 2010, 09:19:43 AM
I am excited to announce that I have joined the team at First Centennial Mortgage!  They are an established mortgage banker located in Aurora.  They have been in the business for 15+ years which in the mortgage world is excellent. The benefits of working for this company are too many to list...but it will for sure give me a new and more competitive edge in this ever evolving industry!

As in the past...I am here to help!  Let me know what I can do to earn your business!!!

Thanks and have a wonderful weekend!!!   :)
Title: Re: I am here to help
Post by: mortgageguy on March 10, 2010, 09:22:04 AM
GOOD NEWS!!!

Both Fannie Mae and Freddie Mac have extended their refinancing programs which allow people to refinance up to 100% of the value of your home (if your mortgage is owned by them). 

This has helped a TON of people save money by refinancing where in the past they could not.  And with rates basically at historic lows...now is the time to do it. 

Nothing is set in stone but at the end of March, the government will end it's year long purchasing of mortgage bonds which has helped to push rates low and keep them there.  But once the support is lifted...it is expected rates will move up a touch. 

If you are sitting on the fence and not sure what you want to do...give me a call.  I can let you know what your options are!

Thank you and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on March 16, 2010, 01:27:23 PM
Don't forget that at the end of the month the Fed will end it's purchasing of mortgage bonds.  No one really knows what impact this will have on rates over the long term but we are guessing initially they will scoot up a bit. 

Let me know if there is anything I can help you with!
Title: Re: I am here to help
Post by: mortgageguy on March 24, 2010, 07:21:20 AM
Rates are beginning to move up slightly so do not delay if you want to refinance.  I have once again posted the links for both the Fannie Mae and Freddie Mac look ups to see what type of loan you may have.  Both Fannie and Freddie now allow you to refinance up to 100% of the value of your home to refinance.  Let me know what I can do to help as rates are still near all time lows!!!

Fannie Mae look up
http://loanlookup.fanniemae.com/loanlookup/

Freddie Mac look up
https://ww3.freddiemac.com/corporate/


Have a great day!!!   ;D
Title: Re: I am here to help
Post by: VR3 on March 24, 2010, 09:42:51 AM
what range are the rates at? and are there closing cost or cash out of pocket for this type of refi?

thanks.
Title: Re: I am here to help
Post by: mortgageguy on March 24, 2010, 12:36:21 PM
Closing costs are about $1950 including all lender fees, title fees and appraisal fees.  In some cases we get lucky and an appraisal is not needed. 

Rates ticked up a bit today but in general rates have been as low as 4.875% (week ago) up to about 5.375%.  The rate is based on credit score, your loan to value (how big of a loan you have vs. the value), and Fannie Mae and Freddie have slightly different rates too.

In general they are awesome right now...but there is a lot of uncertainty on rates in the next few weeks! 

If you are considering doing anything call me on my cell as soon as you can!
Title: Re: I am here to help
Post by: Summer :) on March 26, 2010, 09:58:56 AM
Not sure how we could refinance a home that is worth less then when we bought it... any ideas on that one..???
Title: Re: I am here to help
Post by: dancer15 on March 27, 2010, 05:04:02 PM
Purportedly Ombama is drafting a bill where principal could be partially forgiven.  Not sure if that could become taxable income for the homeowner though.  In the case of a short sale, until 2010, if a home was sold less than what the mortgage was for, the difference became taxable income for the homeowner (which is ironic b/c they may have been selling due to affordability...)
Title: Re: I am here to help
Post by: TomPopo on March 28, 2010, 05:27:49 PM
Go Cubs:  Depending on which company refiances your home you may not need a home apprasial.  We refianced last year and we didn't have to get our home appriased as they said it was still new enough where it wasn't necessary.  Good luck!
Title: Re: I am here to help
Post by: Primrose on March 29, 2010, 07:58:41 AM
Not sure how we could refinance a home that is worth less then when we bought it... any ideas on that one..???

It really depends on the current value of your home compared to the outstanding balance on your mortgage or any others debt you carry against your home.
Title: Re: I am here to help
Post by: mortgageguy on March 29, 2010, 07:24:59 PM
There are a few different variables that take place.  First if you have a Freddie Mac loan then you will for sure need an appraisal.  Freddie is not doing appraisal waivers.  With Fannie Mae I have done quite a few that have been able to go through the process without the need for an appraisal.  But this will take into effect what your credit is like, what your loan to value is, if you have any current secondary financing, etc...

Rate are still really good and have been holding steady over the past few days.  Hopefully we can keep them this way!
Title: Re: I am here to help
Post by: mortgageguy on April 01, 2010, 08:54:56 AM
I know that Arms (Adjustable Rate Mortgages) are not for everyone...but I was just able to lock in a VA 3 year arm at 3.750% which is pretty much unheard of.  I have not peeked at the conventional arms lately but I know that they were hanging in the low 4% range (depending on credit and your loan to value).

This is just another way for people to save a bunch of money now while things are tight. 

Also the 30 year fixed rates are still good...low 5% range as well!!!

Have a great day!!!   :)
Title: Re: I am here to help
Post by: mortgageguy on April 02, 2010, 08:28:31 AM
Mortgage rates moved up a touch after the government announced that 162K jobs were added in March.  This was below the consensus of 200K...but still shines hope for the economy.  Included in the report showed that 48K jobs were temp census workers that were hired. 

With the stock market being closed today and mortgage bonds open only half day...this has created a lot of volatility since most full time traders are not in and the rookies are trading mortgage bonds.  Hopefully next week can bring us some stability with light economic reports due.  The Fed will auction off just over $80 billion in treasuries next week.  If the auctions go well...we will see rates improve slightly...yet if the auctions are poor we will see a increased spike in rates.

I hope that everyone has a very happy holiday weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on April 09, 2010, 11:39:57 AM
Rates have been pretty consistent over the past week.  We had a few bond auctions which went well and helped to keep rates steady.  Now that the Fed is not purchasing mortgage backed securities anymore...we have to depend on the rest of the typical buyers to keep this thing going.

We keep hearing about more and more programs that may be coming out and there are a ton of them out now that is allowing people to refinance. 

Even if you have talked to someone in the past and they told you no...things may have changed.  Also some lenders have access to more programs then others. 

If there is anything I can do for you, or anyone you know please do not hesitate to call/email me.

Have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on April 14, 2010, 06:19:11 AM
Mortgage rates have dropped back down from recent highs...yet no one knows how long they will stay here.  The market has more volatility now that the Fed is not buying mortgage bonds!

Hope everyone is doing well!!!
Title: Re: I am here to help
Post by: mortgageguy on April 19, 2010, 06:05:39 AM
I hope that everyone had a nice weekend!  Mortgage rates are back down to where they were over the past few months.  They are not back down to record levels...but still awesome! 

Let me know if there is anything I can do for you!!!

Have a great day...and week!   ;D
Title: Re: I am here to help
Post by: mortgageguy on April 21, 2010, 07:53:47 AM
Mortgage rates have continued to hold their recent gains (lower rates) and hopefully we can keep this trend up!

Most 30 year programs are offering rates in the low 5% range and adjustables in the upper 3% to low 4% range as well (depending on credit, income, and home values).

Also many people are finding that if the equity is there an FHA loan is not the worst option since the monthly mortgage insurance is far less then what is offered with conventional PMI loans and will offer a lower rate as well!

Let me know if you have any questions.

Have a good day!
Title: Re: I am here to help
Post by: mortgageguy on April 27, 2010, 09:34:31 AM
Rates are holding steady!!!

FHA and VA fixed rates are solid right now at 5.00% and Conventional rates are between 5% and 5.25% depending on your specific situation.

Rates do tend to move up during the summer months...so you still have some time to take advantage of these historically low rates!!!   ;D
Title: Re: I am here to help
Post by: mortgageguy on May 05, 2010, 12:02:11 PM
Over the past few days with the economic turmoil overseas...mortgage rates here in the states have improved.  Since every loan has a different situation and different interest rate it would be unfair to advertise a low rate that I know most people won't quality for (like some banks do).  But it would be my pleasure to do a FREE Analysis for you and let you know what your options are.  Just let me know...I am only a phone call away!

Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on May 06, 2010, 12:51:02 PM
Today's so called "Glitch" in the Dow has parked mortgage rates right at historic levels once again!   ;D

FHA and VA 30 Year fixed today (right now) 4.875% with no discount points!!!
Title: Re: I am here to help
Post by: mortgageguy on May 18, 2010, 08:55:27 AM
I now have the ability to do the special Fannie and Freddie refinance programs up to 105% of the appraised value of your home.  In order to see who holds your loan you will need to search your address on the links listed below.  Rates are great...do not miss out!!!  :-)

Fannie Mae Look up:
http://loanlookup.fanniemae.com/loanlookup/

Freddie Mac Look up:
https://ww3.freddiemac.com/corporate/
Title: Re: I am here to help
Post by: mortgageguy on May 20, 2010, 10:03:15 AM
Rates today are back to their all time lows!!!  I have been doing this for a LONG time and we are clearly getting a second chance right now.  We all know that as soon as the economy gets better and inflation comes into play...mortgage rates are going to move back up!

Please do not pass up an opportunity to do a FREE Mortgage Analysis to determine what all of your options are. 

I am available via my cell 7 days a week!

Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on May 26, 2010, 07:00:44 AM
After once again hitting all time lows mortgage rates have moved up a tiny bit over these past few days which goes to show how small the window of opportunity is with lenders these days.  Mortgage rates are released in the morning and often times throughout the day they will change with the volatility in the market.

If you are still thinking about refinancing or if you want to see if refinancing is right for you...NOW is the time.  Even with lower home values there are still programs out there designed to help people save money.

Let me know if you are interested and we can run through a Free Mortgage Analysis.  It is quick and easy and takes just a few minutes to get started.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on June 01, 2010, 06:32:16 AM
Rates this morning are a touch above where they were last week when we hit our lows!

Give me a call or shoot me an email if you want to look into your options!

Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on June 08, 2010, 07:49:48 AM
Mortgage rates are steady and a touch above the lows that we hit about 10 days ago.  Overall rates are great and specifically the FHA and VA rates are at their all time lows!  We are getting a 2nd chance and we have to take full advantage of it.  Let me know what I can do to help!
Title: Re: I am here to help
Post by: CrazyWheaten on June 09, 2010, 09:09:47 AM
Can you make the value of my home go up?  :D  Just appraised at $71,000 under what we paid 3 years ago and can't even refinance at all!
Title: Re: I am here to help
Post by: mortgageguy on June 09, 2010, 11:26:34 AM
Crazy:  Are you now underwater?  If you are not then you still do have options!
Title: Re: I am here to help
Post by: mortgageguy on June 17, 2010, 08:39:32 AM
Hello...I hope everyone is doing well!

I am taking a page out of Wyzo's book and in celebration of the Blackhawks bringing home the cup I am going to offer $250.00 off our lender fees at closing for all new clients....or see below: 

Wyzo is going to come up with a few different landscaping packages valued at $250.00 for me that you can choose from in lieu of the credit at closing (provided by me).  Many families have both spouses working and just find no time to get out in the yard...yet still want to do something to make the yard look nice!  I think this is a great way to do so.

So...if you or anyone you know is interested in buying a new home or refinancing their current home have them give me a call! 

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on June 22, 2010, 10:22:38 AM
Mortgage rates are just awesome today!

Good news for homeowner's with Fannie Mae owned loans...Fannie is tweaking their systems to be more flexible on which homes will receive an appraisal waiver.  This is HUGE for people who are right at or just over 100%. 

FHA and VA Rates are still right at their historic lows!!!

Conventional 5 Year arms at their historic lows!!!

As always do not hesitate to call me for a FREE analysis and also your choice of $250.00 off our lender fees at closing...or...a landscaping package of your choosing from Wyzo (valued at $250.00 and given at closing)

Thanks a lot and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on June 29, 2010, 09:55:40 AM
As long as the economy slowly grinds on...the better this has been for mortgage rates.  As of today and from a quick glance...Conventional, FHA, and VA rates are at their ALL TIME LOWS without having to pay any points! 

I do not want to sound like a broken record but this is clearly a 2nd chance for many people to refinance for a 1st or in some cases a 2nd time now! 

If you would like to look into refinancing please call or email me for a FREE Analysis. 

I am here to help so do not hesitate to contact me!

Thanks and have a great day!!!
Title: Thanks But Low Mortgage Rates Are Meaningless...
Post by: michaelmantis on June 29, 2010, 12:56:24 PM
Not too sound too negative, and I think people here appreciate the updates on Mortgage rates, but unless you put close to 50% down when you purchased your house the decline in housing prices means most of us here don't have enough equity in our homes to refinance if we wanted to.

Low rates are great, but when your house has dropped by 25% in value or you are at or slightly below the appraised value, low rates, and the closing costs (which are there regardless of there being zero points) make refinancing not make financial sense or makes it not possible entirely for some people.

Once again, appreciate the posts and comments. Just sharing my two cents.
Title: Re: I am here to help
Post by: mortgageguy on June 29, 2010, 02:12:22 PM
Michael:  There are many programs that are allowing for people to refinance at value or even a little in the negative.  FHA has a streamline program (for current FHA clients) where you do not need to do an appraisal as part of the loan process.  Also with VA home loans they are not requiring an appraisal, or ANY income documentation(as long as your credit is about 640)  And Fannie and Freddie have programs that allow up to 105% of the value, and specifically Fannie loans may NOT need an appraisal. 

I totally get your point on home values.  I am just urging everyone to "take a look".  Since I do not charge any application fees just to talk like some banks do, you only have time to lose if we look into a refinance and find out we can't do it.  I would rather give out my extra time trying to help 1 more person save money on their loan then not try at all.

Thanks for the comment...I really appreciate the feedback.  Mortgage analysis are always FREE with me and I am giving discounts on closing costs if we can do your loan!  I hope to hear from more New Elginites soon!
Title: Re: I am here to help
Post by: mortgageguy on June 30, 2010, 08:18:54 AM
In the newest version of Fannie Mae underwriting system called "DU" they are now allowing for property waivers on homes up to 125% of the value!  The rate is a touch higher for this...but for all of the people out there with Fannie Mae Loans this is GREAT.  

***Important side note***  

Fannie Mae now states that in order to take advantage of this program you would have had to have closed on your current loan by March 2009.
Title: Re: I am here to help
Post by: mortgageguy on July 02, 2010, 09:01:29 AM
I just wanted to wish everyone a very safe and Happy 4th of July!

I will be available all weekend on my cell if you need to contact me!
Title: Re: I am here to help
Post by: mortgageguy on July 07, 2010, 07:16:27 AM
I just wanted to shoot out on update this time with actual mortgage rates.  I typically do not do this since I never want to advertise a rate that I can not deliver but I needed to show just how low these rates are!  I will list current rates with the huge disclaimer that since every loan is different (loan amount, credit score, loan to value, if you escrow or pay taxes on your own, etc...) that these rates will not apply to everyone.  I just wish more people would take the chance to refinance and save money.  As always...let me know how I can help!!!

Conventional 30 Year fixed 4.500%
*as of 7/7/10 and subject to change without notice.  Call for specific qualifying details

Conventional 15 Year fixed 4.000%
*as of 7/7/10 and subject to change without notice.  Call for specific qualifying details

FHA and VA 30 Year fixed 4.500%
*as of 7/7/10 and subject to change without notice.  Call for specific qualifying details
Title: Re: I am here to help
Post by: mortgageguy on July 13, 2010, 12:35:06 PM
Mortgage rates are still holding steady.  The past few days were a little shaky but I am hoping that things will stay at these current levels for a while and give people a chance to refinance!

If there is anything I can do for you please do not hesitate to reach out!  I am here to help!!!
Title: Re: I am here to help
Post by: mortgageguy on July 15, 2010, 01:46:47 PM
Mortgage rates...still Awesome!!!

Hope everyone is doing well!!!
Title: Re: I am here to help
Post by: mortgageguy on July 21, 2010, 09:20:09 AM
I wanted to re-post the links for the Fannie and Freddie relief programs that exist and have been helping people with negative equity still refinance and save money!

For Fannie loan holders your loan would have needed to be delivered to Fannie Mae no later then March 1, 2009.

For Freddie loan holders your loan would have needed to have closed by May 31, 2009.

***For more details...just shoot me a message with a question***

http://www.fanniemae.com/loanlookup/

https://ww3.freddiemac.com/corporate/

Also FHA has their streamline program which now does verify income but has the option to refinance your FHA loan to FHA without an appraisal.

VA's streamline program also allows you to omit the appraisal (with credit scores of 640 and above) for VA to VA refinances.

Overall rates are still at historic lows and this is the best time to refinance if you are able.

Let me know what I can do to help and have a great day!!!
Title: Re: I am here to help
Post by: CrazyWheaten on July 21, 2010, 09:58:08 AM
I'm really ticked off that I don't fit into ANY of those categories!!!  NOT FAIR!  :)
Title: Re: I am here to help
Post by: mortgageguy on July 21, 2010, 11:14:16 AM
Crazy:  I 250% agree with you and I am personally upset at some of these bogus rules they have in place.  The people that have a job, have good credit and pay their bills can not refinance.  I am hoping that with the soon to come douple dip in this little recession of ours that they loosen things up so more people can qualify. 

I can promise that as soon as things loosen up I will post something right away and maybe even scream it from my rooftop too!   ;D
Title: Re: I am here to help
Post by: mortgageguy on July 30, 2010, 08:05:51 AM
Mortgage rates have held steady over the past week even though the volatilty remains and this could turn on a dime so we have to be very careful.

Hopefully everything is going well...and let me know what I can do to help!

Thanks and have a great weekend!
Title: Re: I am here to help
Post by: mortgageguy on August 03, 2010, 08:25:03 AM
VA Update!!!!!!

On Friday I will have a new lender available to me which will not require a certain credit score to qualify for a VA loan.  This is bigger then big since many vets have not been able to refinance due to the new and much higher credit score requirements imposed by lenders.  If you know anyone who might be able to benefit from this have them call me right away.  When lenders choose to remove a program like this they typically do not give us much notice.

Thanks and hope everyone is doing well!
Title: Re: I am here to help
Post by: TomPopo on August 03, 2010, 08:29:32 AM
We all need our homes to be appraised higher.  These builders giving away these homes isn't helping anyone!
Title: Re: I am here to help
Post by: mortgageguy on August 03, 2010, 09:26:54 AM
Yes I do agree!!!
Title: Re: I am here to help
Post by: mortgageguy on August 09, 2010, 06:23:18 AM
This week is going to be quite busy with economic reports, treasury auctions, and the Fed meeting and announcement.  The Fed is not going to change rates but the focus will be on the wording of their announcement and what they plan to do to help get the economy moving!

Rates remain at all time lows as of this morning.

If there is anything that I can do...just let me know.  Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on August 10, 2010, 04:30:45 PM
Big changes are on the horizon for FHA loans.  

FHA is proposing lowering the upfront MIP (amount financed on top of the loan) BUT...they would significantly raise the amount that they charge on a monthly basis for mortgage insurance.  This could effect all FHA clients right now that are trying to take full advantage of the historically low rates!

Nothing has been officially released yet but the writing is on the wall.

If you currently have an FHA loan now where your rate is at 5% or higher...I urge you to call me right away and see what we can do on a refinance.  Once this change goes into effect, it will eliminate the benefit of lowering your rate due to the higher mortgage insurance.

Thanks and have a great night!!!!!
Title: Re: I am here to help
Post by: mortgageguy on August 25, 2010, 01:33:07 PM
Hello...I hope all is well on the home front.

Just a quick "pop in" to let you know that mortgage rates continue to sit at all time lows right now. 

Please do not hesitate to inquire if you need any assistance with a refinance, purchase, or just have general mortgage questions!

Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on September 02, 2010, 12:12:46 PM
I know that i might have hinted at this in the past but FHA did release a memo that states they will be lowering the amount of upfront insurance that is charged to the borrower...BUT...they are going to drastically increase the amount of the monthly (currently from .55 to .90) which will nearly double the amount of monthly PMI that is charged.  I have been doing mortgages for a long time and I think this is one of the worst things that FHA has proposed!

Otherwise interest rates remain at all time lows.  Tomorrow we will get the August jobs data which is estimated to show a loss of about 120K jobs.  If the actual numbers are lower then this we will see a happy stock market and rates will likely rise up a bit.  If the numbers come in much higher then we could see a stock market sell off and rates could improve.  Many of the market guru's are thinking that they pumped up the 120K so that they could get a slightly lower number and make it appear as things are getting better.  The report comes out at 7:30AM CT tomorrow.

Hopefully everyone is doing well, and if there is anything I can do to help...just let me know.

Have a great rest of the day and weekend!
Title: Re: I am here to help
Post by: mortgageguy on September 14, 2010, 06:51:47 AM
Hello everyone I hope that you are doing well!!!

I just wanted to let everyone know that rates did move up a hair from early last week but they are still at historic levels.  We had a few consecutive days of economic news that benefited stocks and pulled support away from the mortgage bonds.

This week we do get quite a few important reports with the inflation data late in the week being the most important.

As always if there is anything I can do for you please do not hesitate to call/email!

Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on September 22, 2010, 06:45:50 AM
Good morning...hope everyone is doing well!

I wanted to remind everyone that FHA is still going through their changes to the upfront and monthly mortgage insurance starting on 10/4/2010.  Changes going into effect will drastically raise the amount of money paid each month for mortgage insurance.

Also Fannie Mae is going to be making some changes to their special "Refi Plus" program but those changes will not hit the computer system until 10/1/2010.  They claim that even more loans will be eligible for the appraisal waiver.  I have my fingers crossed hard on that one!

Otherwise rates remain at record levels.  Let me know if there is anything I can do to help you!

Thanks and have a great day!!!   ;D
Title: Re: I am here to help
Post by: mortgageguy on September 29, 2010, 12:15:27 PM
***Just a reminder***

The FHA policy change on mortgage insurance is still going into effect on 10/4/2010.

If you know anyone who has an FHA loan now and has yet to refinance have them give me a call before it is too late.

Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on October 12, 2010, 12:33:21 PM
Mortgage rates are sitting at new historic lows right now!  Talk of the Fed dipping back in to buy mortgage backed securities and treasuries may mean even lower rates in the near future.

But I warn you on waiting too long.  At any point the lenders can pull a program that might be your only hope for refinancing.  In this volatile environment you have to seize the opportunity while it is in front of you.

Let me know if there is anything I can help you with.

Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on October 18, 2010, 10:58:59 AM
Exciting Update!!!

Fannie Mae recently (10/16) updated their underwriting system to expand the possibility of getting the property inspection waiver which is used in lieu of the appraisal.

I just re-ran one through this morning that not 2 weeks ago did not receive the waiver.  I jumped back in today and re-ran it and received the waiver and I can now do the deal.

I am going to paste below the link to Fannie's site where you can check if your home is backed by them.  I will also post Freddie Mac's site as well.  Freddie does not allow for the property waiver but I believe they are still doing loans up to 105%.

Here is Fannie's site.  Also to be eligible for Fannie's "REFI PLUS" program, Fannie would have had to have backed your loan before March 1, 2009.

http://www.fanniemae.com/loanlookup/

Here is Freddie's site

https://ww3.freddiemac.com/corporate/

Let me know what I can do to help!!!


Title: Re: I am here to help
Post by: mortgageguy on October 26, 2010, 11:12:36 AM
RATE UPDATE!!!

I wanted to keep you all in the loop!  Mortgage rates are off their recent record lows.  The Fed appears to be ready at their next meeting (and what should be the final meeting of 2010) on Nov 2nd and 3rd with their formal announcement coming on the 3rd to try to boost the economy...again.

Other then their normal take on the state and health of the economy they are going to announce what they are calling QE2 (which is the 2nd round of easing).  There has been a TON of rumors and chatter going on and no one knows how much more money they are going to pump into the economy and for what time frame.  Depending on how the cards fall this could actually back fire and cause mortgage rates to sharply move back up.

I know that everyone wants that lowest rate out there and that some people still think that rates are going to drop more.  But if you do wait too long you may find yourself trying to lock on the way up which is not fun.

If there is anything I can do for you please do not hesitate to reach out.  I am more then happy to help in any way possible!
Title: Re: I am here to help
Post by: mortgageguy on November 01, 2010, 07:49:02 AM
Important week of economic data

This week is filled with important events which will certainly shape the mortgage world and interest rates.

This week we have the mid term elections, the Fed announcement, and the October Jobs data.  The last 2 will have the most impact!  There is a lot of uncertainty about mortgage rates but many of the so-called experts expect rates to begin to move up 4th Quarter of 2010 and slowly and steadily in 2011. 

If you have yet to refinance and you would like to please call me for a FREE Mortgage Analysis.  I can go over your situation and see what options you may have. 

I am available 7 days a week for all of your mortgage needs so do not hesitate to call!

Thanks and have a great day! 
Title: Re: I am here to help
Post by: mortgageguy on November 23, 2010, 10:19:37 AM
FHA 15 Year Fixed

One of the only positives of FHA's new mortgage insurance policy lies in the 15 Year fixed.  For loans that are at 90% Loan to value or lower...there is NO monthly mortgage insurance.  And for loans that are between 90.01% and 97.75% the mortgage insurance is reduced and significantly lower then a conventional loan. 

For all of you who are still in position to take on the slightly higher 15 Year payment this is a GOLDEN opportunity with rates this low.  FHA 15 Year fixed rates today are sitting at 3.750% Fixed with No Points.

Please give me a call or shoot me an email if you would like to see how the numbers work out.  Thanks and have a great day!!!
Title: Re: I am here to help
Post by: ACMC on November 23, 2010, 05:36:58 PM
Nick... is the 90% on purchase and refi loans?  Is this a new guideline?
Title: Re: I am here to help
Post by: mortgageguy on November 24, 2010, 08:21:09 AM
Yes the no monthly mortgage insurance for loans at 90% and lower is for any loan, purchase or refinance.  It is not a new guideline, but they just tweaked the amount of the upfront.  It used to be that 2.25% would be financed on top of the loan but that was drastically reduced down to 1% (which I would pay for) for conventional clients who still want a 15 year but maybe do not have the full 20% equity that Conventional requires.
Title: Re: I am here to help
Post by: mortgageguy on December 03, 2010, 09:07:03 AM
Reports today that only 39K jobs were added has helped out the bond market and rates a bit this morning, although we are still a little ways away from the recent low just 3 weeks ago.  Consensus was looking for around 150K jobs added and much less came in.  This also helps fuel the fear that the economy is not rebounding as quick as the government would like us to think.  If the market remains negative and the Fed goes through with all of their planned bond purchases, coupled with all of the overseas negativity...we could see rates rebound back to recent lows.

The market is still quite volatile and traditionally rates tend to move up a bit during the holidays.  I will keep you updated over the next few weeks as things start to calm back down.
Title: Re: I am here to help
Post by: mortgageguy on December 21, 2010, 12:24:27 PM
Mortgage rates still remain near highs seen around June/July of 2010...but I do expect them to get better after the 1st of the year.  Many programs are still available to help people refinance and save money on their homes.  Also just in the past few weeks Fannie once again updated their underwriting system to make available more appraisal waivers and drive-by appraisals in some cases.

As soon as mortgage rates start to move back down I will post an update!

2010 is almost over...and I wanted to wish everyone a very Merry Christmas and a Happy New Year!!! 
Title: Re: I am here to help
Post by: mortgageguy on January 18, 2011, 10:48:40 AM
Happy New Year.  Mortgage rates continue to stall but have come down off their recent highs.  If the recovery continues it will likely take a few more months before we see them back at the lowest levels.

Fannie Mae recently changed and updated their link to view if you have a Fannie owned loan.  Recent changes are making it even easier to refinance under Fannie's refi plus program if you are eligible.  http://www.fanniemae.com/loanlookup/

Freddie Mac's look up is still the same https://ww3.freddiemac.com/corporate/

Also the 15 Year rates are still fantastic and many people are taking this opportunity to convert a 30yr into a 15yr and save tens of thousands in interest!

If there is anything I can do for you...or anyone you know please do not hesitate to call/email me.  I am here to help!
Title: Re: I am here to help
Post by: mortgageguy on January 20, 2011, 09:43:10 AM
UPDATE:

I just wanted to let you know that a few months back I had a client who we tried to get a refinance done for and Fannie was asking for a full appraisal.  I re-ran the loan back through yesterday and now we are getting the appraisal waiver.  Although rates are not as low as they were a few months back...at least some things are opening up!
Title: Re: I am here to help
Post by: mortgageguy on February 15, 2011, 02:09:09 PM
FHA UPDATE:

FHA still claiming to be bleeding red ink...has announced that for FHA Case numbers pulled on of after April 18th 2011, monthly mortgage insurance will be increased for both the 30 and 15 Year products (which also includes all FHA Arms as well).

If you or anyone you know has an FHA loan, or is trying to get into an FHA loan...I can not stress how important it is to get in process now.  Higher premiums will cause monthly payments to go up on new loans.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on February 24, 2011, 10:07:50 AM
Over the past week...we have seen mortgage rates edge down a bit with the worries in the Middle East.  This has caused safe haven buying in the mortgage bond market and has helped to push rates a little lower.  BUT...this may only be temporary!!!  Some of the experts are worried that since Oil is now up over $100/bar this is very inflationary in nature which is not good for bonds.  So needless to say...things are and will continue to be volatile! 

Hope everyone has a nice day!
Title: Re: I am here to help
Post by: mortgageguy on March 04, 2011, 09:28:07 AM
After a volatile week...rates hold steady. Next week is light in terms of economic news so much of the volatility will come from what is happening in the Oil market and violence overseas!

If I can be of assistance please do not hesitate to call/email!  Have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on March 15, 2011, 09:14:59 AM
Mortgage Update!

Fannie Mae recently announced that they have extended the HARP program which has helped a lot of homeowner's refinance their homes!  Originally the rule read that only loans would be eligible if bought by Fannie by March 1st.  Now they are taking in loans bought by Fannie up to June 1, 2009.  This is good news and a step in the first direction.  Hopefully Fannie will look at this again soon and possibly bump this out even further.

This new rule change goes into effect on April 11, 2011.  If you are unsure if your loan is owned by Fannie you can check your address at the link below.  I will also post the link to check if your loan is owned by Freddie Mac as well. 

If there is anything I can do to help please do not hesitate to call me!!!

http://www.fanniemae.com/loanlookup/

https://ww3.freddiemac.com/corporate/
Title: Re: I am here to help
Post by: mortgageguy on March 21, 2011, 08:02:21 AM
The FED announced today that it will soon begin to sell some of it's massive holdings of MBS (Mortgage backed securities) at the tune of $1Billion/month.  This is going to have a direct effect on mortgage rates are we WILL see them rise.  If you are still in the market to purchase a new home or refinance your current home please give me a call!

Thanks and have a great day!!!  :)
Title: Re: I am here to help
Post by: mortgageguy on March 28, 2011, 09:11:01 AM
Just an extra reminder that on April 18th FHA will be increasing the monthly mortgage insurance on both the 30 Year and 15 Year Term loans.  The biggest impact will be on the 15 Year term.  Currently on loans 90% LTV and lower you do not have to have mortgage insurance whereas with Conventional 15 Year loans you do.

For the most part the FHA 30 Year is still below 5% and the 15 Year is still below 4.5% making rates still near record lows!

If there is anything I can do for you, or anyone you know please let me know.  I am here to help!
Title: Re: I am here to help
Post by: mortgageguy on April 05, 2011, 07:32:21 AM
Reminder

Don't forget that the pending changes on the FHA mortgage insurance will be taking place on April 18th. 

Please let me know if there is anything I can do for you!
Title: Re: I am here to help
Post by: mortgageguy on April 12, 2011, 09:09:26 AM
I was excited today when I ran a Fannie Mae loan through in our neighborhood and received the appraisal waiver.  They are on the rare side...but we are still getting them!

Although rates have moved up from the November lows...they are still low enough to take advantage.

And don't forgot for anyone out there holding an FHA loan...FHA will increase the monthly mortgage insurance premiums for new loans taken on or after April 18th.  If you or anyone you know is still in position to refinance their FHA loan...I urge you/them to take advantage!

Thanks a lot and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on April 22, 2011, 06:02:25 AM
First I just wanted to simply wish everyone a very safe and Happy Easter!

Secondly just as a reminder that the FHA changes did go into effect with the new higher monthly PMI charges.

Also mortgage rates have popped down slightly for some programs as the bad economic news has come back to the surface.  Next week is going to be a very busy week for reports as the Fed meeting will take place, GDP will be released, and more treasury auctions (all of these are market movers...especially the Fed announcement).

If there is anything I can do for you, or anyone you know please let me know.  I am here to help.

Have a great day and try to stay dry!  :)
Title: Re: I am here to help
Post by: mortgageguy on April 25, 2011, 08:42:09 AM
Attention all VA Homeowners!!!

Over the past year we have gone through a lot in the industry and late last year there were changes made to the VA refinance program.  In the "old days" all VA Streamline refinances did not require an appraisal.  But...the lenders all decided that there was too much risk involved and started requiring full appraisal reports.

But there is still good news out there for some VA homeowners.  Below I will list the lenders that will still allow the VA Streamline program to happen with no appraisal required, no income needed.  If you or anyone you know can benefit from this please contact me ASAP!  Rates on the VA program today were sitting at 4.750% which is still incredible.

If you are currently with...

GMAC

US Bank

CHASE Home Loans


We can still do these loans without the need to complete the full appraisal.

And if you do still have enough equity you can do the streamline program up to 100% of the value of your home!

Thank you and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on May 05, 2011, 12:38:15 PM
Mortgage Market Update

Mortgage rates over the past month have slid down and are clearly at their lowest levels of the year! 
 
Although I can not predict the future...I have been doing this for a long time and can clearly sense when change is coming.  For the past few days I had been advising a homeowner who was working with their local bank to hold off and not lock since rates were coming down.  Today I received word they did go with the bank.  With a little patience and trust I would have likely been able to secure a better loan!

I watch the market like a hawk...often times too a fault.  But my past customers can attest that I have always gone the extra mile to get them the best deal possible.  There is something to be said about working with someone local, someone you can trust.

For those of you who would like to even try and take a look please do not delay!  I am available 7 days a week.  I do not keep bankers hours and you can typically reach me up until about 9-10PM.

I am here to help...just let me know how!!!
Title: Re: I am here to help
Post by: mortgageguy on May 06, 2011, 11:35:01 AM
Mortgage rates did edge down again today!!!

Have a great weekend everyone!!!
Title: Re: I am here to help
Post by: mortgageguy on May 11, 2011, 09:31:21 AM
...and the drop continues!!! 

For all of you who have yet to take advantage we may be getting a 2nd or 3rd chance!!!

I am here to help...let me know what I can do!!!
Title: Re: I am here to help
Post by: mortgageguy on May 13, 2011, 08:27:48 AM
Mortgage bonds continue to do well (good for rates) and they are fast approaching their 200 day moving average.  If they can break above and stay there we can expect to see bonds improve more and rates drop slowly over time.

It is still a great time to refinance and buy!  Let me know what I can do to help!

Have a great weekend everyone!   :)
Title: Re: I am here to help
Post by: Primrose on May 13, 2011, 08:30:10 AM
Mortgage bonds continue to do well (good for rates) and they are fast approaching their 200 day moving average.  If they can break above and stay there we can expect to see bonds improve more and rates drop slowly over time.

It is still a great time to refinance and buy!  Let me know what I can do to help!

Have a great weekend everyone!   :)

Getting into the technicals...i like it!  ;D
Title: Re: I am here to help
Post by: mortgageguy on May 13, 2011, 10:30:24 AM
Thanks Primrose!  The 200 day MA has been the most difficult for the bonds to break out above...especially since rates began to move up in late November.  Today we virtually hit it...and got smacked back down to levels seen early in the day.  Friday's are normally not a day when bonds do well.  We will just have to take the battle back to it next week!
Title: Re: I am here to help
Post by: mortgageguy on May 23, 2011, 09:29:29 AM
Mortgage rates have continued to "slowly" drop and are at the lowest levels of 2011. 

If there is anything I can do to help you...please let me know.

Thanks and have a great week!!!
Title: Re: I am here to help
Post by: mortgageguy on May 26, 2011, 09:56:27 AM
Mortgage backed securities (mortgage bonds) have FINALLY...yes finally broke through their 200 day moving average.  This is a really good sign for mortgage rates improving in the near future.  No promises of course since the market is still extremely volatile...but still good news!

If there is anything I can do for you or anyone you know...let me know. 

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on June 01, 2011, 07:13:23 AM
Market Update:

Mortgage rates continue to slowly improve as we have pushed higher above what was a very strong ceiling of resistance.  Now that will serve for us as support, BUT, we now have another tough resistance right above us.  If we can break above this next level we can possibly see rates back down at the record lows we saw in 2010!

My best advice for anyone who may be interested in buying or refinancing is to inquire on your options.  If you are working with a lender now...shoot me an email and I can take a look to make sure that you are getting the very best deal possible.

I am here to help...just let me know how!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on June 02, 2011, 09:48:27 AM
VA Update:

I wanted to add that I now have an investor that we can do the VA Streamline with that does not require an appraisal if your current servicer is Wells Fargo!

This is very good since VA Rates have been on the way back down!!!
Title: Re: I am here to help
Post by: mortgageguy on June 13, 2011, 06:26:46 AM
Mortgage rates have continued to "slowly" drop over the past few weeks putting them clearly at the best levels of 2011!  Hopefully as we unfold the upcoming economic data we can see then edge even lower.

Some of the best rates that I have seen today have been on the following programs;

FHA 15 Year fixed
Conventional 3,5 and 7 Year Arms
VA 30 Year fixed

The rates are still really aggressive on the FHA and Conventional 30 Year fixed...but the above loan products seem to be the hottest right now.

Please let me know if there is anything I can do for you or anyone you know!  Thanks and have a great day!   :)
Title: Re: I am here to help
Post by: mortgageguy on June 16, 2011, 11:42:54 AM
Rates are looking great and continue to drop!

Please keep me in mind if there is something that I can do for you.

Have a nice day!
Title: Re: I am here to help
Post by: mortgageguy on June 17, 2011, 09:42:48 AM
RATE UPDATE:

As mortgage rates continue to drop...both the Conventional and FHA 15 Year rates are just incredible right now!

Over the past few weeks mortgage bonds have been able to continue to climb thus pushing rates down.  It is a great time to take advantage while you can!

Thank you and have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on June 23, 2011, 08:13:12 AM
Mortgage rates for most programs are back down to historic lows reached back in Nov 2010 and the others are closely behind!

There are still many fantastic opportunities to save money by refinancing your home...and if you know anyone renting this is a great opportunity to buy.

I have been able to help many people in our neighborhood and I hope to be able to help many, many more. 

If you are currently working with another lender and want me to take a look to ensure that you are getting the best deal possible.  I will meet or beat any offer that you have!!!

Thank you and have a great day!!!!!!
Title: Re: I am here to help
Post by: mortgageguy on June 24, 2011, 08:10:48 AM
Fannie/Freddie Update:

I wanted to let you know that I have been able to get another appraisal waiver on a Fannie Mae loan.  Please do not miss out on this opportunity!  Check both the Fannie and Freddie websites to see if you may be able to take advantage of one of these relief programs.

http://www.fanniemae.com/loanlookup/

https://ww3.freddiemac.com/corporate/

Thank you and have a great weekend!
Title: Re: I am here to help
Post by: mortgageguy on July 06, 2011, 10:39:14 AM
Mortgage rates did edge up last week but are working their way back down.  Rates continue to be at or just above all time lows.

Please keep me in mind if there is anything I can do for you, or anyone you know! 
Title: Re: I am here to help
Post by: mortgageguy on July 08, 2011, 07:45:11 AM
Today's job report was a stinker!  After ADP reported over 150,000 jobs added in June, many experts raised their expectations to over 125,000 jobs added.  But just a slim 18,000 were actually added.  This has caused stocks to sell off and mortgage bonds have jumped back up (bonds up = lower rates).  Bonds are now firmly above the 200 day moving average...and hopefully with what has been being reported we can get back down to the all time lows again soon!

Hope you all have a great weekend!   :)
Title: Re: I am here to help
Post by: mortgageguy on July 12, 2011, 08:58:53 AM
Mortgage Check-up time!

With record low rates now may be the best time to make sure that you are in the best loan possible!  Please give me a call or shoot me an email and I would be happy to analyze what you have now and what I could do for you.

Thank you and have a great day!
Title: Re: I am here to help
Post by: mortgageguy on July 22, 2011, 10:51:16 AM
This week has been fairly flat due to the pending resolution of the debt ceiling.  With this hanging in the balance the mortgage bond market is in a holding pattern.  Once a deal has been struck, I will let everyone know the impact on rates.  Mortgage rates have not moved much this week meaning there is still great opportunity to lock in on a historically low rates.  Please keep me in mind if there is anything I can do for you. 

Thank you and have a great weekend!
Title: Re: I am here to help
Post by: mortgageguy on July 29, 2011, 11:00:38 AM
This has been a good week for mortgage bonds and rates!  With all of the volatility there has been a nice "flight to safety" helping improve rates!

With rates back to historic lows...please keep me in mind if I can be of assistance.

Have a great weekend!
Title: Re: I am here to help
Post by: mortgageguy on August 01, 2011, 08:11:52 AM
RECORD LOW RATES...AGAIN

With all of the volatility going on, this market has been less then predictable.  With the terrible economic data and the pending debt ceiling issue, Mortgage rates have once again fallen to their all time lows!

Many opportunities still exist for people looking to save money on a refinance.  Please do not let this pass you by, as mortgage rates will not likely stay down here too long.

For a Free Mortgage Analysis, you can call or email me 7 days a week.  I am here to help!!!
Title: Re: I am here to help
Post by: mortgageguy on August 08, 2011, 08:30:21 AM
Market Update:

I am sure that you are all aware of the recent volatility in the market and the recent downgrade by the S&P.  So far today we have seen stocks selling off hard and we have had an improvement in mortgage bonds...which means LOWER RATES!!!

We are clearly now at historic lows and not far from breaking history again.  I know that many of us have lost most or all of the equity that we had put down, but there are still programs intended to help.

Please keep me in mind if there is anything I can do for you...I am here to help!

Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on August 12, 2011, 07:01:39 AM
Market Update:

Oh what a week it has been!  We have seen the stock market trade off days of massive losses with massive rebounds!  There is so much uncertainty going on in the world.  The S&P downgrade of the US credit rating has actually helped mortgage rates as investors have poured money back into safe havens, such as treasuries and mortgage backed securities.

We have seen mortgage rates back at and below (in some cases) all time lows!  This is clearly the very best time to purchase a home, and there are still many opportunities to save money by refinancing.

Please keep me in mind if there is anything I can do for you, or anyone you know. 

Thanks a lot and have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on August 18, 2011, 06:14:40 AM
Rate Update:

Although hard to believe...we keep making new lows for interest rates!

Today the stock market is getting pummeled and rates are set to drop a little bit more.  The reality is that they should be much lower based on the current economic situation.  But the banks simply can't handle the flow of loans so they are very slow to react and push them lower.

Please keep me in mind if there is anything I can do for you! 
Title: Re: I am here to help
Post by: mortgageguy on August 31, 2011, 08:14:48 AM
Mortgage rates are a touch above the all time lows seen 2 weeks ago.  There is still quite a bit of volatility with the stock market and all of the financial turmoil going on.

But we do know that mortgage rates are fantastic and many opportunities exist to help people save money.

Let me know if there is anything that I can do for you...and have a great day!
Title: Re: I am here to help
Post by: mortgageguy on September 02, 2011, 06:30:33 AM
For quite some time we have been almost begging for some better solutions for homeowners to refinance their homes that are underwater.  The Fannie and Freddie programs have helped some, but just not enough.  FINALLY...we are hearing more and more members in congress and even some Fed members begin to call for more refinance programs to allow people to lower their payments who are severely underwater.

Nothing has been announced yet and it may be a little while before they do...but this is a great sign that the behind closed door conversations are finally making it to the public ear.

As always as soon as something happens I will let everyone know!

Thanks and have a great holiday weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on September 14, 2011, 01:42:19 PM
New Refinance Programs coming soon!!!

The conversation for the need to bring in more in depth refinance programs has gone from a simmer to more of a boil.  As I have stated before there has not been anything official announced yet, but the word is that something will be coming soon.  I have attached the latest article that I read today below.

http://www.marketwatch.com/story/experts-back-expanding-obama-mortgage-refi-effort-2011-09-14

I have talked to many people in our subdivisions who have not been able to move forward on a refinance.  I am hoping with some revisions that many of you will now be able to take advantage.  If you would like me to keep you in the loop please email me with the information listed below.  I am going to create a separate email blast list for people who have not been able to, but want to refinance.  Or for those you who did not even contact me because you thought it was hopeless. 

-Name(s) of borrowers on loan
-Your email address or addresses if you want me to email more then 1 person
-The very best contact phone number(s)
-Estimated loan amount on your first mortgage
-Current rate on your first mortgage
-Estimated loan amount on your 2nd mortgage (if applicable)
-Do you current payment include your tax escrows or do you pay them on your own

This does not just extend to the people who live in the "New Elgin" area.  If you have friends or family that might be interested have them do the same and have them include who referred them.  Finally something is on the horizon and I am excited to help!

Thanks and have a great day!

Nick Hedke
Licensed Mortgage Consultant
First Centennial Mortgage
Direct Cell (630) 776-0540
Email:  n.hedke@gofcm.com
Title: Re: I am here to help
Post by: mortgageguy on September 16, 2011, 02:25:20 PM
Mortgage rates edged up a touch this week from all time lows.  The stock market was able to post solid gains taking away support from mortgage bonds. 

Next week brings us the Fed meeting and announcement.  It is a certain lock that the Fed will not do anything with rates, but the wording of the policy statement and any hints at additional stimulus will be key.  Additional stimulus in the form of printed money would be very bad for mortgage rates as this is an increased risk of inflation.  And inflation and mortgage rates do not get along.

I hope that everyone is doing well.  Please let me know if I can do anything for you and have a great weekend.  Go Bears!!!
Title: Re: I am here to help
Post by: mortgageguy on September 20, 2011, 06:58:27 AM
The Fed meets today and tomorrow with their policy statement being released tomorrow at 1:00PM CT.  All of the so-called mortgage experts are highly suggesting locking in ahead of the announcement.  Last year when mortgage rates were at their lows, the Fed announced QE2.  Within a week mortgage rates went from 4.25% to 5% in no time.  Now no one knows what will be announced tomorrow...but if any additional stimulus is announced it is likely that mortgage rates could move up quickly!

I just wanted to give everyone a heads up!  Please let me know if you need anything.  Thanks!
Title: Re: I am here to help
Post by: mortgageguy on September 30, 2011, 12:29:13 PM
Rates have bounced around a bit but remain right at all time lows.  The Fed will begin Operation Twist on Monday which should help maintain low rates for the near future.  We are still awaiting for the announcement of some new relief programs to help some of the more trapped homeowners save money. 

Please keep me in mind if there is anything I can do for you, or anyone you know.

Thanks and have a nice weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on October 11, 2011, 11:12:14 AM
Mortgage rates continue to hover at all time lows! 

Please keep me in mind if there is anything I can do for you, or anyone you know.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on October 21, 2011, 10:27:09 AM
Overall flat week on mortgage rates.  We are just a nudge above the all time lows.

Please keep me in mind if there is anything I can do for you or anyone you know.

Thank you and have a great weekend!
Title: Re: I am here to help
Post by: mortgageguy on October 24, 2011, 07:07:03 AM
NEW PROGRAM CHANGES

The president is set to announce some "revised" rules for the Fannie and Freddie relief programs.  The one thing that killed me though was that this is still ONLY for loans that have been delivered to them by May 31, 2009.  This is not closed by that date...this is delivered.  I have seen some loans that were closed well before that and due to back log they did not get delivered until June 1 or later.

BUT...this is still good news and a small step in the right direction.  For those people who had not yet refinanced their loan due to extremely low values...get ready! 

I am sure it will take a good week or two before this is actually put into play and the lenders are ready to take these loans in.

IF you want to refinance but could not before due to value, please get in touch with me as soon as possible.  Once this hits the street the turn-a-round times will lengthen and time is of the essence.  The quicker that I can get your application going and in process the better.

Please see the link below that I copied off of CBS Marketwatch a few minutes ago. 

http://www.marketwatch.com/story/mortgage-refi-plan-targets-hard-hit-borrowers-2011-10-24?link=MW_home_latest_news

Thank you and have a great day!

Nick Hedke
Title: Re: I am here to help
Post by: gemini 3 on October 24, 2011, 12:03:46 PM
I just wanted to say that if anyone is thinking about refinancing, Nick is your guy.  He's a standup guy and he's so down to earth.  We had so many personal issues go on during this month with my dad passing away and my son having pneumonia.  He actually took the time out to ask how our family was doing first.  We got a great rate and he gets back to you ASAP with any quesitons or concerns. 

Rates are really low right now and we are saving over 200 a month because of Nick.

Thanks Nick!!!
Title: Re: I am here to help
Post by: mortgageguy on October 27, 2011, 06:51:42 AM
Gemini:  I wanted to thank you for the kind words.  It was my pleasure working with you and your family and I was happy that I could save you money.  Also I really like being able to help my fellow neighbors!
Title: Re: I am here to help
Post by: mortgageguy on November 08, 2011, 07:58:04 AM
Mortgage rates are holding steady just above all time lows.  We have just a week more to go before we receive the new updated loan guidelines for the Fannie and Freddie relief programs.

Have a great day!
Title: Re: I am here to help
Post by: mortgageguy on November 14, 2011, 06:59:38 AM
This week we should be hearing of the new guidelines for the revamped Fannie and Freddie refinance programs.  Many of you have not been able to refinance due to low value and this is one of the major items that will be addressed.  I will post the links to both the Fannie and Freddie sites again so that you can check and see who backs your loan.  The one thing is that your current loan would have had to be delivered to Fannie or Freddie by May 31, 2009.  So if you have purchased or refinanced after this date you would not be eligible for THIS program, but you could still qualify for something else.  Thanks and have a great day!!!

Fannie Lookup:
http://www.fanniemae.com/loanlookup/

Freddie Lookup:
https://ww3.freddiemac.com/corporate/
Title: Re: I am here to help
Post by: mortgageguy on November 16, 2011, 09:05:45 AM
The guidelines were released late yesterday and the short version is below.

~New applications can not be taken until 12/1/2011 or later.

~(And the huge catch) Loans will not be able to be run in Fannie's or Freddie's system under this program until March 2012 or sooner.

So basically they did not really make many changes from the current program.  It appears that they will be waiving appraisals on eligible loans which is good.  But so many people fall into the "ineligible" category. 

I was truly hoping that this would have been a great tool to use to save so many more people money.

Still people who did not qualify before will have a good shot at qualifying under this new program.  It just looks like there is going to be a delay on when you can actually move forward. 
Title: Re: I am here to help
Post by: mortgageguy on December 05, 2011, 09:24:12 AM
I just wanted to update everyone on what has been released on HARP 2.0, and there is not much at this point.

It appears that many of the major lenders are going to wait until the estimated March 2012 implementation date before they release their final guidelines.  So I ask that you remain patient as we wait for them to update their systems.  I am not quite sure why it will take so long...but at this point we have no real choice but to wait.  Just try to keep everything in and on time with your payments to keep your credit scores the highest they possibly can be.

Also for those of you out there who may have a VA or FHA loan...there are still streamline programs available.  Both FHA and VA are sitting at no higher then 4% right now for a 30 year fixed and in some cases I have seen the 30 years around 3.75%.  So even though things are still quite ugly...many opportunities do exist to save money.

I am always here to help in anyway I can.  Do not hesitate to reach out.

Thanks and have a great day!

Nick
Title: Re: I am here to help
Post by: mortgageguy on December 19, 2011, 07:38:20 AM
Rate Update

Mortgage rates have once again fallen back to all time lows!!!

Please let me know if you have any questions or what I can do to help you at this time.

Thank you and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on December 28, 2011, 01:22:22 PM
Mortgage rates are still at all time lows, making this clearly the best time to buy or refinance a home. 

I know that many people have attempted to refinance and have been unsuccessful due to little to no equity.  Sometime in March of 2012, Fannie and Freddie will roll out HARP 2.0 which should help more people to qualify.

FHA and VA Rates also remain at their historic lows and both FHA and VA do have streamline programs which do make the process a little easier.

Please keep me in mind if there is anything that I can do to help you, or someone you know!

Thanks!

Title: Re: I am here to help
Post by: mortgageguy on January 05, 2012, 09:21:04 AM
Mortgage rates continue to sit at all time lows this morning ahead of tomorrow's volatile employment report.  At 7:30AM CT, the December non farm payroll report will be released.  This is often a major market mover.  The estimates are calling for approx. 150,000 net jobs to have been added in December. 

Today payroll company ADP reported that over 325,000 new jobs had been added in December, way above current expectations.  So now many believe that the data tomorrow could come in significantly higher.

If this does happen, you will see money being pulled out of the bond market (both mortgage bonds and treasuries) and into the stock market causing mortgage rates to move up.  Now this move may only be temporary, but the immediate effect will be higher mortgage rates.

I hate to see anyone miss out on these historic lows.  Please let me know what I can do for you!
Title: Re: I am here to help
Post by: mortgageguy on January 09, 2012, 12:43:29 PM
FHA Rate Update:

FHA 30 year fixed sit at all time lows today 3.750% with little to no closing costs at all.  And the FHA 15 year fixed also at an all time low 3.250% today. 

If you or someone you know has an FHA loan, please contact me ASAP.  I can work up the figures to let you know how much can be saved.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on January 11, 2012, 10:04:27 AM
New FHA guideline (1/11/12)

FHA made a change to their 15 year program.  Before this change, FHA required mortgage insurance on all 15 year loans.  But now with this revision, any FHA 15 year loan with a loan to value of 78% or lower will not have to pay monthly mortgage insurance.

For those who do have equity and want to move down to a 15 year, the real advantage is that the FHA 15 year fixed rate is about .25% lower then that of Conventional.

Have a great day!
Title: Re: I am here to help
Post by: mortgageguy on January 13, 2012, 09:21:46 AM
With social media being a very important part of our society, I have created a like page in Facebook to better stay in contact with everyone.  Please take a minute to "like" my page, you can search for me as Nick4loan. 

Thanks and have a great weekend!

Title: Re: I am here to help
Post by: mortgageguy on January 20, 2012, 08:02:30 AM
Overall this weeks economic reports left mortgage rates flat, but still sitting at all time historic lows.  We are about 6 weeks away from the official release of HARP 2.0, and as more details emerge I will be sure to post them.

Have a great weekend and be safe in the snow!   :)
Title: Re: I am here to help
Post by: mortgageguy on January 24, 2012, 08:47:49 AM
The Fed meets today and tomorrow with their policy statement coming tomorrow.  This is always a market mover as we find out if the Fed has any plans for future easing.

On a side note, I have been emailing a potential borrower for a few months now and he has been working with his current lender on a refinance.  He thought he was getting a good deal until he let me know that they are giving him 4.5%!  Many of your current lenders will try to tell you that working with them will be easier and quicker when in fact it is not.  In some recent loans I have been able to rescue away from Bank of America, my closing costs were HALF of what they were charging their own current customer.

The point I am making is to get a 2nd opinion!  I would be more then happy to review any offer that you are getting from a competitor.  If the deal is fair I will tell you.  But in most cases I have been able to meet and beat what I have seen.

Thanks a lot and have a great day!
Title: Re: I am here to help
Post by: mortgageguy on January 31, 2012, 12:10:16 PM
In addition to the existing HARP programs...more relief programs may be on the way soon intended to help those NOT currently with Fannie/Freddie!!!  I have posted the link to a CBS Marketwatch artice if you want to read up on it.

http://www.marketwatch.com/story/obama-mortgage-refi-plan-to-be-rolled-out-2012-01-31?link=MW_story_latest_news
Title: Re: I am here to help
Post by: mortgageguy on February 01, 2012, 08:06:49 AM
Just posted a few minutes ago are the new plans for a refinancing program, updated from yesterday!


http://www.marketwatch.com/story/white-house-details-home-refinancing-plan-2012-02-01-1056140
Title: Re: I am here to help
Post by: mortgageguy on February 06, 2012, 10:54:06 AM
I do not typically post rates too often since they do change daily and can vary drastically from one loan to another.  But I wanted to make sure that everyone does realize just how low rates are right now.  Please let me know what I can do to help you, or anyone you know.  Thanks and have a great day!!!

Conventional 30 Year Fixed 4.0% APR 4.049%
*Based on a loan amount of $180,000, 80% LTV, 740 credit score with an escrow account.  Rate valid as of 2/6/2012 and is subject to change without notice.

Conventional 15 Year Fixed 3.375% APR 3.461%
*Based on a loan amount of $180,000, 80% LTV, 740 credit score with an escrow account.  Rate valid as of 2/6/2012 and is subject to change without notice.

FHA 30 Year Fixed 3.750% APR 4.410%
*Based on a loan amount of $180,000, 95% LTV, 660 credit score with an escrow account.  Rate valid as of 2/6/2012 and is subject to change without notice.

FHA 15 Year Fixed
*Based on a loan amount of $180,000, 95% LTV, 660 credit score with an escrow account.  Rate valid as of 2/6/2012 and is subject to change without notice.

VA 30 Year Fixed
*Based on a loan amount of $180,000, 100% LTV, 660 credit score with an escrow account.  Rate valid as of 2/6/2012 and is subject to change without notice.

VA 15 Year Fixed
*Based on a loan amount of $180,000, 100% LTV, 660 credit score with an escrow account.  Rate valid as of 2/6/2012 and is subject to change without notice.
Title: Re: I am here to help
Post by: mortgageguy on February 13, 2012, 02:46:09 PM
Rates have held steady, so no major changes there.  But I did want to let everyone know the amount of documentation that is now needed for the approval process.  5 to 7 Years ago with a good credit score only a pay stub and 1 years W2 would work, but not anymore.  Pretty much every lender now asks for at least the items listed below;

1 month worth of pay stubs for everyone on the loan
The most recent 2 Years of W2's
The most recent 2 Years of tax returns (all pages and schedules)
The most recent 2 months of current bank statements (all pages needed)
The name and phone number of your home insurance company
The name and phone number of your home owners association (if applicable)
Copy of your most recent mortgage statement(s)
Clear copy of your driver's license for everyone on the loan
**For some specific programs some additional documentation may be required**

The underwriters are checking documents double and triple to ensure accuracy.  This is the new world of mortgage lending.

So I ask that you remain patient through the mortgage process and in the end you will get a historically low rate!

Thank you and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on February 28, 2012, 10:38:13 AM
Mortgage rates continue to sit at all time lows.  We are now only a few short weeks away from the release of HARP 2.0 and I hope that many who have not been able to refinance may finally get their shot.

Also FHA and VA Still do have a streamline process where No Appraisal is required.  Fixed rates for both the FHA and VA are still at 3.750% with very little closing costs.

Please keep me in mind if there is anything that I can do for you, or anyone you know.  I am always here to help!
Title: Re: I am here to help
Post by: mortgageguy on February 28, 2012, 12:39:23 PM
Sorry to post one after another...but this just hit the wire on FHA Loans and INCREASING Mortgage Insurance.

FHA will be announcing in the next few days that they are going to be raising both the upfront and monthly premiums for mortgage insurance.  The upfront is going from 1% to 1.75% and the monthly is going to jump .1% from where it currently is. 

FHA 30 Year fixed rates have been in the 3.75% to 3.875% range now for a few weeks and if you have an FHA loan or know someone who has one please forward this onto them.  I would hate to see them have to pay more then they have to.

This change will take place on FHA loans beginning April 1, 2012.  I can promise that there will be a major increase in FHA applications due to this so if you are interested please contact me as soon as you can.  Thank you very much!!!
Title: Re: I am here to help
Post by: mortgageguy on March 05, 2012, 10:55:39 AM
This week brings us the February employment report on Friday, and this is always a market mover.  The early estimates are for just over 200,000 jobs to be added. 

Over the past few weeks we have seen mortgage rates bounce up and down a bit as there has been some more encouraging economic data that would seem to indicate that the economy is getting better (slowly but surely).  Mortgage rates have remained low on the negative outlook.  If things continue to improve, mortgage rates are likely to begin to move back up.

Rumor on the street is that March 19th is the date that the HARP 2.0 Program will go “live” and we can begin to run loans through their automated underwriting systems.  This program is valid for Conventional loans that are backed by Fannie and Freddie who were delivered to them by June 1, 2009.  So if you have refinanced at any point after this date you would not be eligible under the guidelines.  I have the links listed below again if you do want to search to see who backs your loan.

Fannie Link:
http://www.fanniemae.com/loanlookup/

Freddie Link: 
https://ww3.freddiemac.com/corporate/

Please let me know what I can do to help!  Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on March 06, 2012, 12:58:50 PM
More FHA News!!!

FHA is soon to announce a special reprieve for certain FHA loans eligible for refinance.  If you have an FHA loan now and this loan has not been refinanced since June 1, 2009, then you are eligible to refinance back to the OLD mortgage insurance levels.

This is HUGE for people who have not been able to refinance due to the higher costs of the monthly mortgage insurance.

FHA rates as of now are bouncing between 3.75% and 3.875% daily with little to no closing costs.  There is no exact implementation date yet, but as soon as I hear you can be assured I will post it.

Please keep me in mind if you or anyone you know is currently in an FHA loan!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on March 09, 2012, 01:15:24 PM
FHA Update to my last post...

These new FHA streamlines that we can do for loans that have not been refinanced since June 1, 2009 can not be locked until June 11, 2012 or later.  So if you do have an FHA loan that would qualify, let me know so that I can add you to my database and you will be emailed when this new rule goes "live".

Thanks and have a great weekend!
Title: Re: I am here to help
Post by: mortgageguy on March 14, 2012, 08:38:37 AM
Don't forget...HARP 2.0 goes live this Monday the 19th!  If you are in a Fannie or Freddie backed loan that you have not been able to refinance prior to June 1, 2009...then let me know.  I will post the links again below to check.  Most likely there will be no appraisal required and relaxed qualifying standards!!!

Fannie Link:
http://www.fanniemae.com/loanlookup/ (http://www.fanniemae.com/loanlookup/)

Freddie Link:
https://ww3.freddiemac.com/corporate/ (https://ww3.freddiemac.com/corporate/)

Have a great day!

Title: Re: I am here to help
Post by: mortgageguy on March 27, 2012, 10:08:29 AM
Over the past few weeks...mortgage rates had edged back up but are now headed back down.  The HARP program has been rolled out and we can now run files through the computer, yet most lenders are not quite allowing us to lock in yet (baby steps).  Please keep me in mind if there is anything I can do for you!  Thanks and have a great day!
Title: Re: I am here to help
Post by: mortgageguy on March 30, 2012, 08:21:39 AM
HARP 2.0 Update

I have been able to run some of these files through the computer and have been getting great success with not having to complete a property appraisal.  We are still now just waiting for the actual lenders to let us lock in loans, but this is great since we can at least get the loans in process. 

Please let me know how I can help...I would hate to see you miss out on such a great opportunity!
Title: Re: I am here to help
Post by: mortgageguy on April 16, 2012, 09:45:06 AM
Good afternoon New Elgin...I hope that everyone is well!

I wanted to just touch base and see if there is anything I can do for anyone.  Harp 2.0 is out in full swing and we can start locking loans next Monday under this program.  Over the past week I have gotten back in touch with a few people who did not qualify before, but now they do qualify due to the ultra relaxed appraisal rules!

Please do not let this opportunity pass you by as this is at least worth a look.  I do not mind taking the time to see if you qualify.

Thanks as always and I look forward to working with more of the New Elgin members!
Title: Re: I am here to help
Post by: mortgageguy on April 18, 2012, 01:11:42 PM
I wanted to just post a quick update on HARP 2.0.  So far I believe that I have run 10 loans through the program and 9 of the 10 did NOT require an appraisal, and the one that does need an appraisal will still qualify!  Now I know that everyone will not qualify for this program, but so far the ones that do will finally be able to take advantage of these historically low rates.

Keep me in mind if there is anything I can do for you, or anyone you know!
Title: Re: I am here to help
Post by: LMP on April 19, 2012, 04:10:10 PM
Just wanted to post to let everyone know that I recently refinanced with Nick and highly recommend him. 

The transaction went very smoothly, he was very knowledgeable and always available for questions. 

I am a realtor and a CPA and have worked with many other brokers.  Nick would be my first call for future transactions.

Any questions feel free to send me a message.

Lisa Pieper
Title: Re: I am here to help
Post by: mortgageguy on May 02, 2012, 10:11:25 AM
FHA Refinance opportunities

This is for any FHA loan holders out there who have not refinanced their current loan after 5/31/2009.

On June 11, 2012 we will be able to lock in new loans under a special FHA program which will allow only certain FHA loans to keep the old lower mortgage insurance rate.  This will help many save on refinancing.  Currently FHA Rates are sitting at 3.75% for a 30 year fixed.  If you or someone you know have an FHA loan and believe you may qualify, please shoot me an email and we can get things started for you.

Thanks and have a great day!
Title: Re: I am here to help
Post by: mortgageguy on May 11, 2012, 11:31:26 AM
So far HARP 2.0 has been going quite well for the people in our neighborhood who qualify.  And for those who do not...more programs are being discussed in Congress. 

If you would like to refinance but you are not sure if you even qualify, just shoot me an email and I can look into it for you.  Worst case there is nothing available to you, and best case we are able to save you some money.

Thanks a lot and have a great weekend!
Title: Re: I am here to help
Post by: mortgageguy on May 21, 2012, 11:11:26 AM
In just a few short weeks we can begin locking in FHA loans under the new special relief program which helps to keep an FHA borrowers mortgage insurance level lower then new higher requirements.

If you or anyone you know are in an FHA loan that was originated prior to June 1, 2009 and not refinanced since, this is a fantastic opportunity to save money.  FHA 30 year fixed rates are bouncing between 3.875% and 3.750%.  Please let me know if there is anything I can do for you!

Thanks and have a great day!
Title: Re: I am here to help
Post by: mortgageguy on June 04, 2012, 10:09:29 AM
HARP 2.0 so far has been very successful and rates are at new all time lows!!!  Please let me know if you would like me to run some figures for you on a refinance.  I will post the Fannie and Freddie links again below.

Fannie Link: 
http://www.fanniemae.com/loanlookup/ (http://www.fanniemae.com/loanlookup/)

Freddie Link:
https://ww3.freddiemac.com/corporate/ (https://ww3.freddiemac.com/corporate/)

Also...we can begin locking in FHA loans under the new special refinancing program on June 11th with rates below 4% on a 30 year fixed.  If you have an FHA loan and you believe you may be eligible, shoot me a message and I would be glad to run the numbers for you.

Thanks and have a great week!
Title: Re: I am here to help
Post by: mortgageguy on June 13, 2012, 01:14:47 PM
I am very excited to announce that I have made a change and joined American Portfolio Mortgage!  They are a direct seller to Fannie Mae, Freddie Mac, and Ginnie Mae (Government loans).  This will allow me to extend lower rates and closing costs for my borrowers going forward.

For the time being please feel free to still send me a message here through New Elgin, or you can use my nick4loan@hotmail.com email address as well.

I look forward to helping many more of my New Elgin neighbors!

Nick Hedke
Cell (630) 776-0540
Title: Re: I am here to help
Post by: mortgageguy on June 19, 2012, 12:48:31 PM
Almost 1 week in and I could not be happier.  I have been able to get loans done at my new company that I could not complete in the past, and the rates and closing costs that I am able to offer are lower as well.

Being a direct seller to Fannie and Freddie do have some major advantages, and not having to deal with the typical lender overlays means less stress throughout the process.  We are UNLIMITED on the HARP program, which means if you qualify for the loan, you could have a 200% loan to value and still refinance.  Please let me know if you would even like to look into this.  There is word that they will be expanding the current HARP program in the near future.  I have already begun to build a mailing list for those borrowers.

Also don't forget for you FHA Loan holders out there...we can now do the streamline relief loans for those loans closed prior to 6/1/2009.  Our FHA rates are currently at 3.75% with NO CLOSING COSTS!!!

I am always here to help, so do not hesitate to contact me.  Thank you and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on June 28, 2012, 11:03:47 AM
Mortgage rates continue to sit at all time lows while Freddie reports that the average 30 year fixed rate just below 3.75%.  Always keep in mind that when Freddie reports the average rates they take into effect rates from across the US and there are always some sort of points included.

HARP 2.0 has been a great success and word on the street is that HARP 3.0 may be on the way.  Speculation on this next revision is that they will be including the NON Fannie/Freddie Conventional loans AND pushing forward the date for those to qualify.  When this happens...this should greatly help those of you who have been previously excluded!

SO...if you would like me to add you onto my excel sheet to get information on this when it comes out, please shoot me a message or email with your name, address, email address and best contact phone number.  That way I can quickly reach you!

I am always here to help...let me know what I can do
Title: Re: I am here to help
Post by: mortgageguy on July 06, 2012, 09:40:25 AM
Today's payroll data did disappoint! Only 80K jobs added when most experts had called for 100K. Today's report has helped to keep rates here at ALL time lows!

Have a great weekend and stay cool!
Title: Re: I am here to help
Post by: mortgageguy on July 12, 2012, 12:38:05 PM
Mortgage rates continue to sit at all time lows!  The HARP 2.0 program is doing great and the new relief FHA Program is also helping those certain FHA Borrowers save a lot of money on their loans!  Coming soon will be a VA streamline program with appraisal required.

Please keep me in mind if there is anything I can help you with.
Title: Re: I am here to help
Post by: mortgageguy on July 18, 2012, 11:12:37 AM
Mortgage rates have remained stable and my guess it they will for the time being.  The lenders are bringing in so much volume right now that they are slow to move rates any lower.

HARP 2.0 continues to be a great success for those who qualify, and for those who don't...just hang tight, more programs are on the way!

FHA's 30 year fixed have dropped down to new all time lows.  And for those who have not refinanced since 6/1/2009, you can refinance and keep the same low mortgage insurance rate.

Please let me know if there is anything I can help you with.

Thanks and have a great day!
Title: Re: I am here to help
Post by: mortgageguy on July 25, 2012, 08:14:55 AM
30 Year fixed rates today sit at all time lows for Conventional, FHA and VA.

Please let me know if there is anything I can do to help you!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on August 07, 2012, 08:24:07 AM
Rates have slid up just a touch in the past week after the 30 year fixed conventional touched at 3.5%, but still remain extremely low at about 3.75% today (with at least 20% equity, 740+ credit scores, taxes and insurance escrowed)

The HARP 2.0 program has really been helping many of the borrowers that have been otherwise “trapped” in their high interest rate.  The one big road block has been the date in which Fannie/Freddie has for qualifications.  In their guidelines, it states that your current loan now would have had to have been delivered to them no later then June 1st 2009.  There is much speculation that when the rumored “HARP 3.0” comes out, that this date will be extended out further, allowing more people to qualify.  I have already started gathering up contact information for those who want to be notified when these changes come out.  If you would like to be added to that list, please shoot me a quick email with your name, address and the best contact number(s) for you.

And for those who will qualify for the HARP 2.0 program, I will once again list the links to both the Fannie and Freddie sites.  If you are unsure if your loan qualifies, please call or email me and I would be glad to help!

Fannie Link:
http://www.fanniemae.com/loanlookup/ (http://www.fanniemae.com/loanlookup/)

Freddie Link:
https://ww3.freddiemac.com/corporate/ (https://ww3.freddiemac.com/corporate/)

Also FHA has implemented their own version of a relief program.  For loans that were closed and insured prior to June 1st, 2009 you can refinance with No Income proof (a job is required for verbal verification only), No assets, No Appraisal and NO cash to closing.  Rates for FHA today sit about 3.625%.  With this program you do need to have no late mortgage payments in the past 12 months (nothing 30 days past due) and at least a 640 middle credit score.

As always, please keep me in mind if there is anything I can do for you or anyone you know.  Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on September 05, 2012, 11:07:46 AM
Mortgage rates have been slowly moving back down after popping up a few weeks back.  This Friday we will get the August non farm payroll figures to see how many jobs were added to the economy.  This is typically a market moving report and normally does affect rates.

I hope that everyone had a great summer!!!

I have just a few left over Bears Football schedule magnets.  If you would like me to send you one, just shoot me a message with your name and address.  Thanks!!!
Title: Re: I am here to help
Post by: mortgageguy on September 12, 2012, 10:47:07 AM
HARP 3.0 Update

Senate Democrats re-introduced bill S. 3522 - The Responsible Homeowner Refinancing ACT of 2012 on Monday.  This is the "HARP 3.0" that we have all been hearing about.

This is good news since there are MANY homeowners who would still benefit with rates so low!

As soon as anything official is announced...I will update right away!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: Concerned West Elgin Resident on September 12, 2012, 11:17:10 AM
I just wanted to add, that Nick just recently closed on our Refi, that our old lender Chase, would not even touch without bring the loan back above water.
Nick was able to bring our original 30 yr loan from a 6.625% fixed down to a 20 yr fixed at 3.65%.  This was done, without an appraisal,  very minimal closing costs through the HARP programs, and closing done at our home at the time we wanted.

Everyone else we shopped would only refi us with another 30 yr loan, contingent on a certain appraisal amount, higher rates and costs.

So thanks to Nick, we knocked several years off our note and even with the shorter term, we are still saving several hundred dollars, and if we pay the same amount we have been paying for years, it will bring the term down even shorter.

Give Nick a moment of your time and he will make it work for you the way YOU want it to.

Thank you Nick and American Portfolio!!!
Title: Re: I am here to help
Post by: mortgageguy on September 13, 2012, 09:10:52 AM
Thank you for the KIND words!
Title: Re: I am here to help
Post by: mortgageguy on September 13, 2012, 09:19:27 AM
The Fed today pledged to purchase $40 BILLION per month in Mortgage bonds beginning tomorrow. This may not drop rates a ton from where they are, but it will help keep them steady going forward!

This and the good news of the pending changes to the HARP program will broaden the pool of borrowers that have NOT been able to yet take advantage. 

Please know that as soon as any real announcement is made...I will be in touch with everyone.

Don't forget to go to Facebook and "Like" my Nick4loan page to stay in touch there too!
https://www.facebook.com/#!/pages/Nick4loan/281561178568561 (https://www.facebook.com/#!/pages/Nick4loan/281561178568561)

Have a great rest of your day!!!
Title: Re: I am here to help
Post by: mortgageguy on September 26, 2012, 09:48:11 AM
Mortgage rates, after moving up a touch, are back down to all time lows again!

Virtually all of the Fannie and Freddie HARP loans have been getting "Appraisal Waivers" which makes life much easier. 

Also FHA rates are now at new all time lows. Please keep me in mind if there is anything that I can help you with!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on October 18, 2012, 07:46:12 AM
Mortgage rates are still at all time lows!!!

HARP 2.0 has continued to help many of the Fannie/Freddie loan holders to save money.  We are actually one of the select few lenders that are able to do the HARP program with "unlimited LTV's".  Where most companies are capped at 105%, we have the ability to go far above (as long as the income and credit are strong)

For those of you who are waiting for HARP 3.0...it has been proposed to Congress, so now we are just waiting for it to be pushed through.  Try to remain patient and I will keep you in the loop when things are coming down the pipeline.

Also FHA Rates still remain in the mid 3% level, which is an all time low.  FHA Still does offer a streamline program to where no appraisal is needed.  If you have an FHA loan and would like me to work up some figures for you, please let me know.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on October 29, 2012, 10:32:37 AM
Hurricane Sandy has closed financial markets today and likely tomorrow and mortgage rates have been stable over the past week.  The big economic data will be this Friday when the October Jobs data is released.  Early estimates are calling for 125K jobs to be added.

Just this past week, Fannie Mae have updated their underwriting systems and have actually loosened up some of the qualifying standards.  This has already been helpful for one HARP loan that I was working on!

Please keep me in mind if there is anything I can do for you!

Thanks and have a great week!!!
Title: Re: I am here to help
Post by: mortgageguy on November 01, 2012, 08:19:05 AM
November's economic reports will kick off with the release of the October payroll data tomorrow morning...and this is market moving report.

Also I wanted to make sure that people are aware that over the next few months, we lose about 10 working days due to the holidays!  This can slow down processing of your loan.  I would like to urge anyone who is still considering refinancing to get in process as soon as possible.  If you are eligible and can refinance at this time...the sooner you close...the sooner you can begin to save money.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on November 13, 2012, 11:00:05 AM
Mortgage rates have once again fallen to all time lows following the re-election of President Obama.  We are still waiting for Congress to push through the changes to the HARP program, but we all know that government can take some time before this happens.

Please keep me in mind if there is anything that I can do for you!  Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on December 04, 2012, 09:45:26 AM
It has been quiet over the past few weeks and rates have remained steady!  We are still awaiting the announcement when HARP III passes through Congress.  It was proposed right before the Thanksgiving break but with the holidays we are not sure when it will actually hit the floor for vote.

FHA and VA rates remain super low sitting at 3.25%! 

Please keep me in mind if there is anything that I can do for you!

Thanks and have a great week!!!
Title: Re: I am here to help
Post by: mortgageguy on December 04, 2012, 01:41:53 PM
Hate to double post in 1 day...but just came across this article about FHA raising their monthly mortgage insurance costs early next year.  Spread the word for anyone you know that may have an FHA loan they would like to refinance. 

http://www.deadlinenews.com/2012/12/01/fha-to-raise-mortgage-insurance-premiums-prolong-premium-payment-period/ (http://www.deadlinenews.com/2012/12/01/fha-to-raise-mortgage-insurance-premiums-prolong-premium-payment-period/)
Title: Re: I am here to help
Post by: mortgageguy on December 11, 2012, 11:14:40 AM
I just wanted to let everyone know something that happened twice in the past week.  Two people that I had previously spoke with about doing a HARP refinance recently pulled themselves back up and now they show up as an eligible borrower.  This was checked by both myself and the borrower and it had shown (in the past) that their loan was not a Fannie/Freddie owned loan...but now it is.

I wanted to post the links once again to have you just double check to see if maybe something has changed.  The key is, that the loan would have had to have been delivered to them prior to June 1, 2009.

Fannie Link:
https://www.knowyouroptions.com/loanlookup (https://www.knowyouroptions.com/loanlookup)

Freddie Link:
https://ww3.freddiemac.com/corporate/ (https://ww3.freddiemac.com/corporate/)

Thank you and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on December 27, 2012, 10:46:14 AM
As we close out the year...mortgage rates have been fairly stable as the worry about the "fiscal cliff" looms.  Even the so-called experts can not say how much lower (if any) rates will go, but with the Fed continuing to buy mortgage bonds, this should at least keep them at or near current all time lows.

If there is anything that I can do to help you or anyone you know, please let me know.  I am always here to help!!!

Title: Re: I am here to help
Post by: mortgageguy on January 02, 2013, 07:56:02 AM
Now that the fiscal cliff has been avoided (for now)...hopefully we can see the revisions to the HARP bill sent to vote soon.  So many people that have been waiting for this to kick in to take advantage of these super low rates!!!

I hope that we all have a great 2013!!!
Title: Re: I am here to help
Post by: mortgageguy on January 03, 2013, 11:59:31 AM
Today the Minutes from the last Fed meeting were released, and it indicated that the Fed will be likely to stop buying bonds at some point in 2013.  Now they did not indicate when in 2013 and we have seen the Fed in the past extend bond buying...but the initial shock is not good for mortgage rates.

When the Fed buys bonds it keeps mortgage rates low.  When bonds are sold off, mortgage rates go up.  I am just trying to make sure that everyone is aware, since we may see mortgage rates move up sharply in the next days!!!
Title: Re: I am here to help
Post by: mortgageguy on January 22, 2013, 08:13:51 AM
I hope that everyone is doing well!  Nothing really new to report over the past few weeks.  Mortgage rates are stable, about .125% above all time lows.  We are still waiting for the revisions of the HARP program to go through congress as I know many of you are waiting for this.

If anything new comes out, I will make sure that you are notified right away!

Thanks and have a great day (STAY WARM)!!!
Title: Re: I am here to help
Post by: mortgageguy on January 28, 2013, 09:00:48 AM
Better than expected economic data has pushed mortgage rates up a touch more.  This is a very big week filled with economic reports.  The 2 most important will be the Fed meeting and announcement on Wednesday and the January jobs report on Friday.  These will for sure have a huge impact (good/bad) on rates.  Have a great week!!!
Title: Re: I am here to help
Post by: mortgageguy on February 04, 2013, 01:36:56 PM
***FHA is raising their monthly MI premiums again***

Effective for all case numbers pulled on or after 4/1/13, FHA is increasing their monthly premiums from a factor of 1.2 to 1.3.  This does not sound like a big difference, but on a $200,000 loan, this means $16.67/month more.  And we all know that in this economy...every penny matters.  Also effective 6/3/13, all FHA loans with LTV's (loan to value) at 90% or greater, will have mortgage insurance for the LIFE OF THE LOAN.  In the past FHA would let you cancel out monthly mortgage insurance when your loan to value hit 78%, but this soon will no longer be the case.

If you have an FHA loan now and you have been holding out on refinancing...now may be the time.  Please call or email me and I would be happy to let you know what can be done.

Thank you and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on February 15, 2013, 01:31:42 PM
Still no exact word on when the HARP 3 bill will come up for vote in Congress, although with President Obama speaking again publicly during the State of the Union about easing some of the lending rules to open up the economy...we may finally get our little push!

FHA is going to be raising their monthly mortgage insurance rates in early April, so if you know anyone who has an FHA loan and they are interested in refinancing...they should do it as soon as they can.  FHA 30 year fixed rates are still in the mid 3's!!!

We are now able to do the VA Streamline refinancing program with no appraisal needed.  If you know any VA homeowners, have them give me a call right away!

If you have any questions about financing (purchase or refinance) please either shoot me an email or give me a call.  I am more then happy to help out when I can!

Thanks and have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on February 19, 2013, 08:22:00 AM
Here is a great article to show that there is some progress being made on getting more refinancing bills passed through Congresss, although there is still some battles that lie ahead!

http://www.huffingtonpost.com/2013/02/17/mortgage-bill_n_2706691.html (http://www.huffingtonpost.com/2013/02/17/mortgage-bill_n_2706691.html)
Title: Re: I am here to help
Post by: mortgageguy on February 28, 2013, 12:14:46 PM
Mortgage rates have slowly began to work their way back down.  The HARP 2.0 program continues to be a great success yet many are still waiting for the newest version that is stalled in Congress.  Please keep me in mind if there is anything that I can help you with!!!

To check and see if your loan is backed by Fannie or Freddie, please use the links below.  To be eligible, your loan would have had to have been delivered to them prior to June 1, 2009.

Fannie Link:
https://www.knowyouroptions.com/loanlookup (https://www.knowyouroptions.com/loanlookup)

Freddie Link:
https://ww3.freddiemac.com/corporate/ (https://ww3.freddiemac.com/corporate/)
Title: Re: I am here to help
Post by: mortgageguy on March 15, 2013, 10:31:59 AM
2nd Opinions are valuable in all facets of life, and could save you a ton of money with your mortgage financing too!  I have been speaking with a lot of homeowners lately who were contacted by their current lender to refinance.  95% of the time, the rates and fees of your current bank are much higher then what a mortgage banker like myself can provide.

My company has the ability to sell loans directly back to Fannie and Freddie and gives us a huge advantage over most companies.  And especially on the HARP program, we can do them UNLIMITED.  Where most companies are limited to 105% loan to value, we can do them all!  So even if you have been turned down by another lender on the HARP program, I may still be able to help!

I have had the pleasure of helping out so many of my New Elgin neighbors...and I hope that in the near future with the release of HARP 3.0...I will be able to help that many more.  If you ever have any questions, or want to look into your refinancing options, please do not hesitate to contact me.

Thanks and have a great day!!!

 
Title: Re: I am here to help
Post by: mortgageguy on April 05, 2013, 07:29:57 AM
Today's report on March non farm payrolls was terrible!  Only 88,000 jobs were added where many economists were calling for 190,000 to be added.  This has lifted up the mortgage bonds which should help mortgage rates come down some in the coming weeks.

Please keep me in mind if there is anything I can do for you and have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on April 16, 2013, 08:37:03 AM
FHA 30 year fixed rates sit at 3.25% right now (back to all time lows).  For existing FHA borrowers, you have the ability to take advantage of the streamline refinance program.   This program does not call for an appraisal, nor does it verify income.  There are credit score requirements to get the best rate (680 or better), but rates are not much higher for lower scores.

Also the HARP 30 year fixed rates have also dropped and are once again close to their all time lows.  Some progress was made with the HARP program as they just extended the expiration of the program until 2015.  But the actual bill is still sitting with congress and that is the one we care about, which will hopefully expand the program to allow more people to refinance.

I am here to help...so please keep me in mind for yourself and friends and family!

Thanks a lot and have a great day!!!
Title: Re: I am here to help
Post by: lotsofkids on April 16, 2013, 04:37:13 PM
Thanks to Nick, we saved quite a it by refinancing.  It's always worth a quick call to see if you can save.  Nick made it completely effortless.  I would highly recommend him.  He is extremely knowledgeable and made refinancing quick and easy.
Title: Re: I am here to help
Post by: mortgageguy on April 29, 2013, 08:33:04 AM
Thank you very much Lotsofkids for the kind words.  It makes me happy when I have the opportunity to save my neighbors money!

This is a BIG week for rates as we have a scheduled FED meeting and on Friday will be the release of the April payroll data.  As things develop...I will post if anything is changing drastically.

Also...nothing still on the expansion of HARP 3.  They did extend the program which will not expire now until 2015 (it was scheduled to expire this year).  Many of us feel that first extending the program was step 1...now step 2 will be to expand so that many others who have been trapped in higher rates can finally take advantage of refinancing.

I am always here to help if I can!!!

Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on May 24, 2013, 06:33:29 AM
Over the past few weeks...mortgage rates have been edged up due to some better than expected economic data.

American Portfolio, being a DIRECT seller to both Fannie and Freddie still have some of the lowest rates for qualifying borrowers.  As of this morning, our Conventional 30 year rate is still at 3.49% (where most lenders are now well over 4%) and our 15 year fixed is at 2.99%.  Most lenders are unable to offer this, since we get these special rates being a direct seller.  Not everyone will qualify for these rates due to the fact that you need to have a credit score over 740, home must be owner occupied, loan must escrow taxes and insurance, and you need a loan to value at 80% or lower, etc...please call for complete list of qualifying terms.

Still no new updates on Harp 3.0, I will inform everyone when new news is available!

Thank you all very much and have a great holiday weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on June 10, 2013, 10:34:50 AM
In just a few short weeks...we have seen mortgage rates jump up nearly 1/2 percent!  Overall rates are still great for people who are buying and trying to refinance. 

Please keep me in mind if there is anything I can do for you!  Thanks and have a great rest of your day!
Title: Re: I am here to help
Post by: mortgageguy on June 20, 2013, 09:04:29 AM
Sadly...the ugliness has continued in the market and mortgage rates are sitting back at highs not seen since March 2012.  What I am hoping now is that the damage is done and we can see the market return to a more normal state.

Yesterday the Fed did remain committed to purchasing mortgage bonds, stated that inflation is low and will remain low, but they tossed in some wording about how the economy is still picking up and getting stronger.  That one sentence is what bond traders seemed to focus on, and a major selloff has continued into today.

Don't get me wrong, mortgage rates are still awesome considering historical highs, but I think it will be a little while until we seem them back to the levels that we got used to seeing just 6 short months ago.

This is still a great time to purchase as home prices are fantastic, and still for people who are able to take advantage, refinancing is an option.

I am always here if you have any questions or concerns, just shoot me a message and I will get back to you right away!

Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on July 01, 2013, 12:30:33 PM
We have a shortened week for economic reports with the 4th of July holiday this coming Thursday.  But they will still squeeze in the non farm payroll report on Friday where initial estimates are calling for 165K jobs to be added for June (175K were added in May).  If we see the report come in better than expected, we could see mortgage rates edge up more.

I have been reading some recent articles that indicate this number could come in worse than expected.  If that is true, we should see mortgage rates improve quite quickly!

I will update further on Friday!

Please have a GREAT 4th of July holiday and especially be safe!

Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on July 15, 2013, 09:22:07 AM
HARP UPDATE:

Awesome to see the NY Fed pushing for HARP 3.0 to be passed...hopefully sooner rather than later!

http://blogs.marketwatch.com/capitolreport/2013/07/15/refinance-program-could-expand-by-more-than-900000-with-changes-ny-fed-says/?mod=MW_home_latest_news (http://blogs.marketwatch.com/capitolreport/2013/07/15/refinance-program-could-expand-by-more-than-900000-with-changes-ny-fed-says/?mod=MW_home_latest_news)

Have a great day!!!
Title: Re: I am here to help
Post by: jsa927 on July 15, 2013, 11:55:10 AM
Nick,

I read the article.  Does this mean there is a possibility of the HARP 3.0 requirements to get rid of the June 2009 date, or is this just wishful thinking on my part?  I would love to take advantage of this, but our re-fi did not close until Sept., 2009.
Title: Re: I am here to help
Post by: mortgageguy on July 15, 2013, 12:02:02 PM
Jsa, based on what the artice says and what we have heard, by them extended out the qualification date, that would allow those unlucky borrowers who closed just after the current June 1, 2009 date to take advantage.  One of the things we have been hoping for is that they would allow those other Conventional loans that are not currently backed by Fannie/Freddie to be eligible too. 

My happiness with this artice is that the NY Fed has taken up the cause, so we may finally see some movement.  We may be a few months out still, but progress appears to happening!!!
Title: Re: I am here to help
Post by: mortgageguy on August 13, 2013, 09:11:55 AM
Football season is right around the corner and I will be sending out my Bears football magnet schedules.  If you are not already on my mailing list and you would like one, please send me a message with your name and address and I can have you added to the list.

There has been more and more chatter on revisions to the HARP refinance program (which we know as HARP 3.0), most recently being President Obama talking about how expanding this program could help many people to refinance.  As soon as anything is official, I will be sure to post it immediately.

If you have not done so already, please visit Facebook and “like” my page.
https://www.facebook.com/# (https://www.facebook.com/#)!/pages/Nick4loan/281561178568561

Thanks and have a great week!!!
Title: Re: I am here to help
Post by: mortgageguy on August 21, 2013, 11:58:38 AM
Release of the Minutes from the last Fed meeting indicate that the Fed is on track to taper purchase of mortgage backed securities by the end of the year, if the economy continues to show progress. 

We have already seen mortgage rates up a full percent in the past 2 months, and they may go up more from here. 

The next Fed meetings will be in September, October and December.  Many market experts have been betting on September to be when the tapering begins, but (in my opinion) it is more likely to happen later in the year.  Currently the Fed is buying $85 Billion in mortgage backed securities per month.  Once this is trimmed back, you are likely to see mortgage rates move up more, unless someone else steps in to make up the difference.

If you know anyone looking to buy or refinance their home...now IS the time!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on August 27, 2013, 08:59:14 AM
For those FHA borrowers out there...we have just released a 3 Year and 5 year adjustable, to allow those who might have missed out on the fixed rates, to still refinance and take advantage.

Today's FHA 3 Year Arm as low as 2.750% with closing costs or 3.0% with no lender closing costs (based on a $200,000 loan amount with a middle credit score of 680)

Today's FHA 5 Year Arm as low as 3.5% with closing costs of 3.75% with no lender closing costs (based on a $200,000 loan amount with a middle credit score of 680)

FHA to FHA refinances are called a streamline refinance and do not require an appraisal or income documentation (although we do only verbally verify a place of employment).

As always...I am here to help in any way that I can.  Please do not hesitate to contact me for more details!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on September 18, 2013, 10:53:41 AM
***FED MAKES NO CHANGE TO CURRENT ASSET PURCHASES***

The Federal Reserve announced today that they were not going to taper any of the current $85 billion in asset purchases due to lack of positive economic data.  This was and is very good for mortgage bonds and in turn should help mortgage rates begin to work their way back down.  We are still clearly above our all time lows, but today's announcement and confirmation during the press conference from Ben Bernanke, indicates that they will not make any moves until favorable progress in the economy is achieved.

I will update in a few days once the market has had a chance to digest this data so that we can see where rates are heading.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on October 07, 2013, 12:32:27 PM
We have seen mortgage rates drop drastically in the past few weeks as economic uncertainty remains.

I have seen the FHA Rates drop from nearly 5% down to 4% and even lower in some cases.  On the Conventional side, we have seen the 30 year fixed rate drop from 5% to 4.25% and the VA 30 year fixed rates are also below 4% right now!

In order to get locked in, we need to be fully prepared.  In order to do so, we need to have an active loan in process.  Which means that we need to make and take a full application and get your information entered into the loan software.  This gets us to the point to where we can lock you in once you find an interest rate you can be happy with!

Also just as a reminder, we now have full access to the VA Streamline program.  For current VA loan holders, we can do a refinance with little paperwork and NO APPRAISAL needed!  If you know of any vets who have not refinanced yet, please let them know that I am able to help!

Thanks a lot and have a great rest of your week!!!
Title: Re: I am here to help
Post by: mortgageguy on October 22, 2013, 07:16:42 AM
The economy added a meager 148K jobs in the delayed payroll data for September, well below the 183K jobs that the analysts were calling for. There were also some downward revisions to previous months data, which has helped to drive mortgage rates down a touch more!

Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on October 23, 2013, 10:07:58 AM
Any Veteran Homeowners out there???  Today, we are able to lock in a VA Streamline at 3.75% for a 30 year fixed with NO Points/APR 3.812% (credit scores 680 or better and no late payments on the current VA Mortgage).  With this program and specifically for Veteran homeowners, there is no income requirement, no proof of assets, and most importantly...NO APPRAISAL!

Please pass this along to any other Veterans that you may know...we are clearly getting a second chance at these historically low rates!!!
Title: Re: I am here to help
Post by: mortgageguy on November 05, 2013, 09:08:20 AM
***SMALL CHANGE TO THE CURRENT HARP LOAN DATE POLICY***

As most of you know, in order to qualify your Fannie or Freddie loan for a HARP refinance, the loan would have had to have been delivered to them PRIOR to June 1, 2009.  Well that has changed...slightly!  The new rule is that they are going to go off of the NOTE date, which means the date your loan actually closed...not sold to Fannie/Freddie as it was in the past.

Example old policy...a loan closes in March of 2009, but is not delivered to Fannie/Freddie until June 10, 2009...you were not eligible to refinance under HARP.

Example of new policy... same loan that closed in March of 2009 and was delivered to Fannine/Freddie June 10th, 2009...your loan is NOW eligible!  They are now looking at the actual NOTE date...not when Fannie and Freddie actually received your loan.

If this makes you now eligible, please call my cell or shoot me an email.  We can look up and see what your options are.

Thanks and have a great week!!!
Title: Re: I am here to help
Post by: mortgageguy on November 27, 2013, 11:10:44 AM
I just wanted to wish everyone a very safe and Happy Thanksgiving!
Title: Re: I am here to help
Post by: mortgageguy on January 10, 2014, 11:39:59 AM
Hello, I hope that everyone is doing well!  I wanted to just let everyone know that I made a change in mortgage companies and I am now working with Cross Country Mortgage.  They are a direct seller to the agencies as I had access to before, which allows me to get some loans completed that other lenders can not!

The only information that has really changed for me is my email address.  Please note that my new correct email address is nhedke@myccmortgage.com.  My cell has stayed the same.  I am always here to help in any way that I can, please do not hesitate to contact me.

Sadly...there are still no new updates on when Congress is going to change and expand the HARP program, but I can assure you that as soon as news breaks, I will be updating everyone!

Thanks and have a GREAT weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on February 03, 2014, 01:53:46 PM
Over the past few weeks we have seen a large decline in the stock market which has been helping to lower mortgage rates.  I am doubtful that we will see those sub 4% rates again, but if things continue this way we may get close.  I will keep a close eye on things and post again in a few days, once we can see the clear direction this may take.

As always...I am here to help in anyway possible.  Please do not hesitate to call me.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on May 28, 2014, 07:30:30 AM
Hello everyone...it has been far too long since I posted, but to be honest, there has not been a lot of "new" to report.  Mortgage rates have been bouncing in an extremely tight range over the past few months.  They are FINALLY starting to break a little and they have dropped in the past few days.  According to Fannie and Freddie, average rates have fallen to lows last seen in October 2013.

Still nothing new to report on HARP 3, or any other revisions of the HARP program.  We have all been sitting...waiting...hoping...but nothing new out of Congress.

I have seen that the home values in the general providence area has come up quite nicely from where we were just a few short years ago.  Many of us and finally at that magically "break even" point to where selling is now a possibility.  Hopefully we will continue to see the market stabilize and all of our values increase.

There are still opportunities for people to refinance, and I would highly urge everyone who can still refinance, to do so quickly.  This little dip that we are seeing in rates is not likely to continue.  As the economy continues to improve and grow, we will see mortgage rates continue to move up.  And I recommend taking advantage now...before it is too late.

As always...if you have any questions or concerns, please do not hesitate to reach out to me.  I am always here to help in any way that I can!

Thanks and have a great rest of your week!!!
Title: Re: I am here to help
Post by: Matt on May 28, 2014, 01:48:49 PM
I have not had comcast for years because the times I have had them any time I needed service of any kind I found them to be absolutely horrific. But as I said, it's been a long time, so maybe they have improved their service.  Although what I read in consumer reports leads me to believe they haven't.

I have directv for TV and uverse for internet.  Love directv, indifferent about uverse internet. Cost is what lead me to them, and cost is why I keep them.

Wrong thread.... ;)
Title: Re: I am here to help
Post by: sgdg on May 28, 2014, 04:30:45 PM
Ooops! :o
Title: Re: I am here to help
Post by: mortgageguy on May 29, 2014, 06:54:53 AM
No worries sgdg...don't mind the thread bump!   ;D
Title: Re: I am here to help
Post by: mortgageguy on July 16, 2014, 10:44:51 AM
Hello, I hope that everything is going well for everyone!

I wanted to remind people that refinancing is still a VERY viable option for many people that were equity locked in the past.  Home values in ALL of the New Elgin area have been rising and I am now able to refinance people that I could not just a short 12-18 months ago.  If you were unable to refinance before and want to kick the tires on if a refinance could benefit you, please do not hesitate to call or email me.

Also with this rising market, it is allowing people to get their homes on the market to finally make that move they have been holding out for.  Please let me know if I can do a Pre-Approval for you to determine how much you can afford on your next home.

I am always here to help in anyway that I can.  Please do not hesitate to call/email me with any questions that you may have.

Thanks and have a great day!!!

Title: Re: I am here to help
Post by: mortgageguy on October 02, 2014, 12:01:47 PM
I wanted to make sure that everyone is aware that the HARP program is due to expire at the end of 2015, giving us still a little more than a year to enjoy its benefits.  But experts are projecting rates to rise through the end of 2014 and continue upward in 2015. 

I know that many people have been able to take advantage of this and have saved a lot of money, but the numbers say there are still a lot of people who have yet taken advantage.  I would hate to see anyone miss out on the opportunity to save money!

I will post the links again so that you can check to see if your loan might be eligible for a HARP refinance, and I am available to answer any questions that you might have.

Fannie Mae Look-up tool:
https://knowyouroptions.com/loanlookup

Fredde Mac Look-up tool:
https://ww3.freddiemac.com/loanlookup/

Thanks again.  Please do not hesitate to call or email me.  Have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on October 15, 2014, 07:47:50 AM
Over the past week...mortgage rates have fallen to levels not seen in well over a year!!!

We may be getting a small window of opportunity to seize these low rates while we can!!!

I know that many people wanted to refinance in the past but could not due to negative equity.  With rising values, refinancing is a real possibility again!

Please shoot me an email or call me if there is anything that I can do to help!!!
Title: Re: I am here to help
Post by: mortgageguy on January 06, 2015, 01:16:42 PM
Mortgage rates have dropped even more, over the past few months!!!  No one knows how much lower we will see.

If there is anything that I can do to help you, please let me know.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on January 09, 2015, 09:28:10 AM
GREAT News...FHA will be lowering their annual MIP (Mortgage Insurance) which will help FHA borrowers save money every month on their mortgage.  That coupled with lower mortgage rates are a combination for great savings!!!

They have not released the effective date yet, but if you have an FHA loan that you have not been able to refinance, please shoot me an email and we can get you prepared.

Also don't forget that for Veterans, we have a VA Streamline program that does not require an appraisal.  Most lenders do and many of us are still upside down on our loans. 

Most everyone have taken advantage of the Fannie and Freddie HARP program, but I am ever finding people that have not.  Just in case you would like to check if you are eligible...I will post the links below again.

Fannie Link:
https://www.knowyouroptions.com/loanlookup (https://www.knowyouroptions.com/loanlookup)

Freddie Link:
https://ww3.freddiemac.com/loanlookup/ (https://ww3.freddiemac.com/loanlookup/)

I am always here to help in anyway possible.  Please do not hesitate to call or email me with questions.  Thanks and have a GREAT weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on January 28, 2015, 02:55:26 PM
Mortgage rates continue to drop!!!  Please do not let this second chance get away from you!!!

Many people that were equity locked just 2 years ago are now able to refinance.  It does not hurt to check and see what your options are.

Please shoot me an email or give me a call and we can discuss your options.

nhedke@myccmortgage.com or my cell (630) 776-0540

Thanks and have a great night!!!

Nick
Title: Re: I am here to help
Post by: mortgageguy on February 27, 2015, 02:15:29 PM
For anyone out there with an FHA loan, or if you have a conventional loan with PMI...refinancing is a great opportunity!  Rates are great and FHA has lowered the amount of monthly PMI that they charge.  If you are in a Conventional loan now, you need only 3% equity to be able to refinance into an FHA loan.  I know there are a lot of people who were not able to take advantage of the HARP program since their loan was never sold to Fannie or Freddie.

For existing FHA loan holders, we have the streamline refinance program to take advantage.  The streamline is a no appraisal and no income verification loan as well. You have to have had no 30 day late payments in the past year to qualify for the streamline.

For many of us we are finally seeing our homes fall back into positive equity...and if you have any interest in refinancing, we should take advantage now while rates are back down.

Please let me know if there is anything I can do for you to help you save some money!
Title: Re: I am here to help
Post by: mortgageguy on July 20, 2015, 11:12:00 AM
It has been a little while since my last post, mostly because the market has been quite stagnant.  Mortgage rates have come down recently and our home values are finally coming up (YEAH)!!!  New refinance opportunities have come back into the picture for MANY homeowners.

Please let me know if you would like to kick the tires on a refinance.  We can explore all of the loan options for you and see what we can come up with.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on August 04, 2015, 07:14:26 AM
I am happy to announce that I have joined the Team at Guaranteed Rate!  I now have access to MUCH lower interest rates and closing costs!  With our home values increasing, this is giving many of us the opportunity to be able to finally Refinance and save money on our homes. 

I would like to off all of my neighbors a No Cost/No Obligation Mortgage Analysis, so that we can best determine what opportunities may exist for you.  I am also offering at the close of your mortgage transaction, to give you a credit back for your home appraisal, to save you even more money.

Please let me know what I can do to help you!!!
Title: Re: I am here to help
Post by: Primrose on August 11, 2015, 07:36:56 AM
You may want to change your footer... your email still says @myccmortgage.com
Title: Re: I am here to help
Post by: mortgageguy on August 11, 2015, 11:56:13 AM
Ah...thanks Primrose...doing that right now!!!  Appreciate you pointing that out to me.  Thought I changed everything!
Title: Re: I am here to help
Post by: mortgageguy on August 13, 2015, 11:44:16 AM
With the Global economy taking a hit...we keep seeing mortgage rates drop.  We are clearly getting a second chance at refinancing, especially with home values increasing!

Even if you do not have 20% equity, we have creative ways to build the PMI into the rate, so that you can still take advantage of record low Conventional rates!

FHA and VA 30 year fixed rates have been between 3.875% and 3.750% depending on your credit score.  For existing FHA and VA loan holders, we have a streamline process that allows you to refinance without the need for an Appraisal!  Veterans also have the ability to do a Cash out refinance up to 100% with never any monthly PMI!

The opportunities are out there for people to save money.

Let me know how I can help!!!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on August 18, 2015, 08:44:12 AM
Thinking of buying a home or Refinancing?  Want to save an additional $250.00 off your closing costs?!?!

Guaranteed Rate has a digital mortgage application process.  It is quick and easy and takes less than 10 minutes to complete.  Anyone who applies online with me, you will receive an additional $250.00 off your closing costs, just for starting the process online. 

Mortgage rates are GREAT...back near all time lows once again.  Our home values are coming up, which is opening the door for MANY of us to look into finally selling our home and buying new, or, refinancing and saving money.

Worried that you may not have 20% equity to avoid PMI, well worry no more!  We have lender paid mortgage insurance options, where for a slightly higher rate, we will cover the costly monthly PMI for you!

Please let me know what I can do to help you!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on August 21, 2015, 01:32:28 PM
HUGE...I mean HUGE selloff this week in the stock market this week!

Mortgage backed securities (how mortgage rates will move up and down) had a great week this week on the back of the stock market decline and further global concerns.

Rates are awesome right now and we may even see them drop a bit more.  But you can't wait to act when they drop because it will be too late.  We are in a very volatile market and you have to seize the opportunity to lock in on a low rate while it is there.

Please, if you have ANY mortgage purchase or refinance questions, please let me know.  I love being able to help my neighbors save money!
Title: Re: I am here to help
Post by: mortgageguy on August 27, 2015, 08:55:42 AM
Really bumpy and volatile markets this week....big losses to begin the week only to have the stock market doing quite well.  Rates seem to be holding steady...GREAT time to make a move and buy/refinance now!
Title: Re: I am here to help
Post by: mortgageguy on September 11, 2015, 10:13:48 AM
Happy Friday everyone!!!

Next week brings us the FED announcement (Thursday 9/17) and this is always a market mover.  If the FED does not raise rates, this should be good for mortgage rates for at least the short term, but we also need to know what the forward guidance will be as well. 

The FED has kept the fed funds rate near zero for a long time, and soon they will be forced to start raising rates.  Better to take advantage of low rates now, than to wait to see what the FED will do.

Please let me know if you have any questions or mortgage scenarios.  I would love to opportunity to assist you with your home financing needs!

Have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on September 18, 2015, 11:32:27 AM
Yesterday, the Federal Reserve did not raise the fed funds rate.  This should help to keep mortgage rates low for the next few months.  The next meeting is in October, but with the Global economy also struggling, 2016 is the best bet for when the FED will begin to raise rates.

If you even have an inkling that you would like to look into refinancing, please let me know. It does not take me much time to put a few scenarios together for you and it may just save you a few hundred dollars a month!

Thanks and have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on September 24, 2015, 07:22:01 AM
Rates are holding steady giving many people an opportunity to FINALLY refinance their home!

Please shoot me an email or give me a call and I would be happy to look into your options!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on October 08, 2015, 12:29:59 PM
Quite happy to say that I have been able to successfully close loans in our neighborhood that just a short 9-12 months ago we could not.  Values have come up and rates have come down.

Even people that have less than 20% equity can refinance and not have PMI.  We have a product called LPMI (lender paid mortgage insurance) where the lender buys out the monthly PMI for you.  You take a slightly higher rate, but you are not saddled with nastly monthly PMI.

Don't sit around wondering if you can refinance, please reach out and let me tell you your options!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on October 16, 2015, 09:22:27 AM
Closed a few more "New Elgin" Refinance loans this week, saving people hundreds of dollars a month....THIS COULD BE YOU!

If you are curious if you have any options, shoot me an email with your scenario and I will be happy to dig in for you!

Thanks and have a great weekend!


Nick Hedke
Guaranteed Rate
Cell (630) 776-0540
Email: nick.hedke@guaranteedrate.com
Title: Re: I am here to help
Post by: mortgageguy on November 05, 2015, 10:29:39 AM
With the Holidays fast approaching...time is ticking if you want to still complete a Refinance before the end of 2015. 

Home values have increased and mortgage rates are down...the perfect storm for many of us to jump back in and finally save money, or reduce your mortgage term.

I am available anytime via my cell and email, please do not hesitate to reach out.

Thanks and have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on November 25, 2015, 11:36:06 AM
I wanted to wish you all a very safe and Happy Thanksgiving!
Title: Re: I am here to help
Post by: mortgageguy on December 10, 2015, 09:34:11 AM
Mortgage rates sit just above all time lows, and with home values increasing this year, I have been able to do many more refinances for my fellow neighbors.

Please let me know if you are considering refinancing and I can let you know all of your available options.

Thanks and have a GREAT weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on December 30, 2015, 11:47:20 AM
I wanted to wish everyone a SAFE and HAPPY New year!  I had the pleasure of working with more of my fellow neighbors to help refinance and save money!  The mortgage process has become a bit more difficult to navigate through with the new legislation this year...but with patience we get through it just fine.

With the new year coming here in just a little more than a day...why not reach out to me to find out if you can save money on your home loan for 2016?  I would love the opportunity to work with more of my neighbors!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on January 06, 2016, 12:13:27 PM
Happy New Year!!!  I hope that your start to 2016 has been good so far!  Mortgage rates remain low, allowing many to finally refinance where you had been blocked in the past.  There are a lot of creative ideas on how you can get a refinance done, many loan programs available to help avoid PMI if you have less than 20% equity.  I would hate to see anyone needing to pay more on their mortgage than you need to, so please keep me in mind if you wanted to look into this. 

Thanks a lot and have a wonderful Day!
Title: Re: I am here to help
Post by: mortgageguy on January 14, 2016, 12:12:58 PM
Rates have dropped a notch lower with all of the overseas gloom and doom coming out of China.  Also with how our economy is taking a hit, there are rumblings that the FED may have to hold off on any future rates hikes in the coming months until things can stabilize and find direction.  Now is a GREAT time to buy or Refinance your home.  I am always here to help...please let me know what I can do for you!  Thanks!!!
Title: Re: I am here to help
Post by: mortgageguy on January 21, 2016, 07:59:23 AM
Mortgage rates continue to drop!!!  Please don't let this opportunity pass you by.  Please let me know if you would like to run some numbers to see how much your potential savings could be! 

Have a GREAT DAY!!!
Title: Re: I am here to help
Post by: mortgageguy on February 01, 2016, 01:43:59 PM
I just wanted to make sure that everyone is aware that mortgage rates are the lowest that they have been in approx. 4 years!  If you would like some information on your refinancing options...please let me know. 

Thanks and have a great day!
Title: Re: I am here to help
Post by: mortgageguy on February 08, 2016, 08:09:47 AM
Mortgage rates keep sliding down...DONT miss out on this opportunity!!!

Thanks and have a great week!
Title: Re: I am here to help
Post by: mortgageguy on February 23, 2016, 05:58:31 PM
I wanted to let everyone know that my company does not charge ANY lender fees on VA loans!  The only fees that a Veteran has to pay would be the appraisal costs (if applicable) and title fees.  On average, this would save about $1250 as that is typical lender fees that most companies charge for processing and underwriting a file!

Also I am seeing most 30 year fixed rates sitting below 4% (depending on equity) as this is the lowest we have seen rates in many years.

Please, if there is anything I can do to help you save money, please reach out and let me know.  The Mortgage Analysis is FREE and takes just minutes to get started. 

Thanks and have a great night!!!
Title: Re: I am here to help
Post by: mortgageguy on March 02, 2016, 11:32:22 AM
Mortgage rates are holding steady ahead of Friday's volatile Non-Farm payroll report. 

With higher home values and lower mortgage rates, refinancing is more than possible for us now.

Please let me know how I can help you!

Thanks and have a great day!
Title: Re: I am here to help
Post by: mortgageguy on March 08, 2016, 09:23:48 AM
The market shrugged off the stronger than anticipated jobs report from Friday and rates remain super low.  Refinancing options are strong right now!

Conventional loans: Refinance and reduce your payments, eliminate PMI, shorten your term to accelerate your payoff or take cash out to consolidate debt.

FHA loans:  We can do a Streamline refinance with no appraisal needed.  If you have enough equity, we may also be able to roll you over to Conventional to eliminate PMI.

VA loans:  VA has a great streamline refinance program and we charge NO lender fees on ALL VA loans.  You can also do a VA Cash out refinance up to 100% of the value of the home.

Please let me know if there is ANYTHING I can help you with!  Thanks!!!
Title: Re: I am here to help
Post by: mortgageguy on April 05, 2016, 12:46:36 PM
Mortgage rates continue to sit near ALL time lows!  If you are interested in refinancing to save money or to reduce your term and pay your home off sooner, please give me a call!

Thanks and have a great day!
Title: Re: I am here to help
Post by: mortgageguy on April 18, 2016, 06:57:09 AM
Just keeping this in front of everyone!  Home values have finally came up to a level we have not seen in MANY years, giving many people the opportunity to either sell or refinance their home.  Please let me know if I can be of assistance in either a FREE Pre-Approval on a purchase or a FREE Mortgage Analysis on a Refinance, I am always here to help!!!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on April 27, 2016, 11:35:30 AM
Many of us are getting our tax bills off the Kane County site and while not everyone saw a property tax increase this year, MANY people did see a substantial increase.

With Mortgage rates as low as they are, now would be a GREAT time to look into doing a refinance to take advantage of low rates and increased home values, but, also to balance the escrow account so that you will not have a large shortage.  When the shortage occurs, typically the lender will either ask you to send in a large check to cover the difference, or, they will increase your monthly payments over the next 12 payments to cover the difference.

Please give me a call or shoot me an email and we can take a look at helping you save some money!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on May 25, 2016, 12:39:37 PM
Rates have been holding steady and allowing many people to still take advantage of mortgage rates below 4%.  If you have any questions on if you will even benefit from a refinance, please reach out and I will be glad to do an analysis for you.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on June 02, 2016, 01:58:40 PM
Mortgage rates are down...home values are up!  Don't let this money saving opportunity pass you by!  The process is quick and easy and can take just minutes to get started.

Please reach out with any questions that you may have.

Thanks!!!!
Title: Re: I am here to help
Post by: mortgageguy on June 14, 2016, 01:46:29 PM
Mortgage rates have moved a notch lower in the past week.

Don't let this opportunity pass you by!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on June 30, 2016, 06:48:34 AM
WOW...Rates have dropped!!!

With the Brexit vote and overseas turmoil, investors are pouring money into safer assets and bonds and this is causing mortgage rates to plummet!

Please take advantage while you can!

Please shoot me an email with your scenario (n.hedke@gofcm.com) or call my cell (630-776-0540) and I can let you know what your savings potential is.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on July 11, 2016, 06:38:45 PM
Mortgage rates sitting at 5 year lows!!!  15 year fixed rates below 3%, 30 year fixed rates in the mid to upper 3's.

NOW is the time to Refinance.  Once the market begins to recover, these rates will disappear!!!

Thanks and have a great week!!!
Title: Re: I am here to help
Post by: mortgageguy on July 14, 2016, 10:22:48 AM
Know any Veterans who are Homeowners?  VA Rates are literally the lowest I have ever seen them without points as of this morning, seeing rates in the LOW 3's!!!  The VA has a great and quick streamline process for refinancing.  The VA also is the only program where a Vet can take cash out up to 100% of the value of their home. 

FHA rates are also in the low 3's, and have a similar streamline program for less documentation.

Conventional rates (depending on credit and equity) are sitting in the mid 3's as well

When rates dropped and hit all time lows, we all thought that we would NEVER see rates this low again.  Well...I guess never say never!  Home values are up and rates are down.  There are so many ways to structure refinances now.  Even if you have less than 20% equity, we can still complete the loan and work to buy out the PMI, saving you even more every month!

Please let me know what I can do to help you!

Thanks and have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on July 22, 2016, 06:47:27 AM
Mortgage rates continue to hold firm at all time lows!

More exciting then that...home values!  In the past week I have received 2 appraisals back from homes in the providence area and values came in even higher than we anticipated.  One even appraised for $20,000 more.  The more equity that you have in your home helps keep your rate nice and low.

If you would like to check into your options, please let me know.  I am more than happy to help!

Thanks and have a WONDERFUL weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on July 28, 2016, 10:40:19 AM
The FED did not raise interest rates but did hint that if economic conditions remain the same, there is likelihood that we could see a hike in September. 

There is still time for you to reap the benefits from these historically low rates!

Please let me know how I can help!!!
Title: Re: I am here to help
Post by: mortgageguy on August 04, 2016, 10:02:48 AM
Mortgage rates are holding onto all-time lows. 

Please do not miss out on this opportunity!!!  Call or email me and we can run through your options!

Thanks!!!
Title: Re: I am here to help
Post by: mortgageguy on August 08, 2016, 10:09:21 AM
This week is starting out well as rates have not moved over the weekend. 

Please keep me in mind if you would like to run through a loan scenario to see what your payment savings will be. 

I know how busy all of our schedules are.  You can also apply online on my website (http://www.nickhedkeloans.com/ (http://www.nickhedkeloans.com/))

Thanks and have a great week!
Title: Re: I am here to help
Post by: mortgageguy on August 11, 2016, 05:57:41 PM
**Bump***
Title: Re: I am here to help
Post by: mortgageguy on August 15, 2016, 01:02:36 PM
Rates are still at record lows but so many are hesitant to refinance.  I find this mostly has to do with value and how many times you have been told NO in the past. 

If you want to refinance but are not sure if you can, please let me take a look into it for you.  There is No Cost and No Obligation for me to look into your home and let you know what your potential payment savings could be.

Don't hesitate...mortgage rates will typically move up as we get closer to year end.

Thanks and have a great week!!!
Title: Re: I am here to help
Post by: mortgageguy on August 29, 2016, 06:04:49 AM
Mortgage rates are holding steady sitting right at record lows!

Please do not miss out on this opportunity to save money.  I can do a quick and painless mortgage analysis to let you know what your monthly savings could be.

Thanks and have a great day!

Title: Re: I am here to help
Post by: mortgageguy on September 08, 2016, 05:28:23 PM
Mortgage Rates continue to hold steady!  There are so many refinance opportunities available, please let me know how I can help!

Thank you and have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on September 16, 2016, 12:50:41 PM
Just keeping in touch with everyone.  Rates are maintaining their levels which is great, and we hope that it continues this way. 

Please keep me in mind if there is anything that I can do to help you!

Thanks and have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on September 21, 2016, 02:23:40 PM
Just keeping people in touch with rates being so low.  Please let me know how I can help you!

Thank you and have a great rest of your week!
Title: Re: I am here to help
Post by: mortgageguy on September 27, 2016, 07:32:41 AM
Glad to be helping out another New Elgin family save money on their mortgage!

Please let me know when you are ready to start saving money!

Thanks...Have a GREAT DAY!!!
Title: Re: I am here to help
Post by: mortgageguy on October 07, 2016, 12:11:47 PM
Mortgage rates continue to hold steady.

Please let me know how I can help you save money!
Title: Re: I am here to help
Post by: mortgageguy on October 31, 2016, 07:29:35 AM
Happy Halloween!!!

I wanted to keep in touch as mortgage rates are still pretty awesome right now.  Home values are up and it is allowing many people to finally refinance even if you were turned away in the past.

Please do not hesitate to call or email me and I can review your situation and let you know of all of your options.

Thanks and I hope to hear from you soon!

Nick Hedke
Cell (630) 776-0540
Email: n.hedke@gofcm.com
Title: Re: I am here to help
Post by: mortgageguy on November 07, 2016, 07:27:10 AM
Tomorrow is the big day...ELECTION DAY! 

With both candidates being such wild cards, no one knows how the markets will react.  The next few weeks proceeding will be quite wild!

Mortgage rates are still GREAT and there is plenty of time to get your loan in process.  Loans that close in November and early December will not have a payment due until January of 2017!  That always comes in handy for Christmas shopping!   :)

Please let me know how I can help!

Have a GREAT WEEK!!!
Title: Re: I am here to help
Post by: mortgageguy on November 16, 2016, 04:52:11 PM
Interest rates have moved up a smidge with Trump winning the election.  Even with them being up...it is still a GREAT time to refinance.

Home values have come up to a point to where Refinancing is now a viable option.

Please let me know how I can help you!

Thanks and have a great day!
Title: Re: I am here to help
Post by: mortgageguy on December 07, 2016, 12:40:48 PM
There are PLENTY of options when it comes to refinancing your home mortgage.  Fannie and Freddie just raised the Conventional loan limits from $417,000 to $424,100.  This allows the Conventional buyer, or homeowner to borrow more money without having to jump up to higher Jumbo rates.

I am available via email at n.hedke@gofcm.com and my cell (630) 776-0540 with any questions that you may have.  If you simply scan and email me your most current mortgage statement along with your refinancing goals, it would be my pleasure to work up some money saving options for you.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on December 12, 2016, 10:20:46 AM
I hope that everyone is having a GREAT December!!!

Please keep me in mind if there is anything I can do to help with your mortgage financing needs!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on December 28, 2016, 01:44:11 PM
Hello All...I hope that the Holidays were kind to you!  What way to start out the new year than to Refinance and save money!  Rates have moved up some, but there are still MANY opportunities to reduce your monthly payments.

Please keep me in mind...I am here to help!

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on December 31, 2016, 02:48:15 PM
I would like to wish you ALL a Very Happy and Safe New Year!!!
Title: Re: I am here to help
Post by: mortgageguy on January 09, 2017, 12:02:23 PM
New Year...New Mortgage!!!  Take the time to inquire about a FREE Mortgage Analysis and how much money you can save.  Now is a great time with Tax time just around the corner. 

Please shoot me an email or give me a call and I would be happy to take a look at your current situation and advise you of your best options.

Thanks and have a GREAT week!!!

Nick Hedke
n.hedke@gofcm.com
Cell (630) 776-0540
Title: Re: I am here to help
Post by: mortgageguy on January 10, 2017, 06:51:52 AM
***Major FHA Announcement***

Effective Immediately...FHA is lowering the amount of monthly PMI from a factor of .80 to a factor of .55.  This will help people save a ton of money on their monthly mortgage insurance on a Refinance or Purchase!!!

***On a $250,000 loan amount, that is a savings of $52/month***
Title: Re: I am here to help
Post by: Fender on January 13, 2017, 09:06:14 AM
***Major FHA Announcement***

Effective Immediately...FHA is lowering the amount of monthly PMI from a factor of .80 to a factor of .55.  This will help people save a ton of money on their monthly mortgage insurance on a Refinance or Purchase!!!

***On a $250,000 loan amount, that is a savings of $52/month***

question - does this apply only to new FHA loans, or is this retroactive to existing FHA loans?

thanks!
Title: Re: I am here to help
Post by: mortgageguy on January 19, 2017, 08:13:56 AM
So this would apply if you take out a new FHA loan on a purchase, or, of you refinance your existing FHA loan, the new lower Mortgage insurance rate would kick in.
Title: Re: I am here to help
Post by: mortgageguy on January 23, 2017, 11:08:10 AM
***FHA has rescinded the change to lower the monthly mortgage rates.  I will let everyone know if there are any updates***
Title: Re: I am here to help
Post by: mortgageguy on February 06, 2017, 08:15:42 AM
No new updates from FHA...so hang tight on that issue. 

Mortgage rates have stabilized and have come down in the past few weeks.  Rates are still great and some nice programs out there to help people to save money on their mortgage.

Please let me know how I can help you!!!
Title: Re: I am here to help
Post by: mortgageguy on March 01, 2017, 12:52:37 PM
Just keeping in touch, letting you know that I can assist you with all of your home mortgage needs.

If you are thinking of getting Pre-Approved to buy a new home, or if you would like to try to refinance to save some money on your current home, please let me know.  I would be happy to run through all of your options.

Thank you and have a great week!!!
Title: Re: I am here to help
Post by: mortgageguy on April 24, 2017, 12:46:59 PM
Good afternoon all...I hope everyone is doing well.

I wanted to let you all know that mortgage rates have been slowly making their way back down.  It has been a slow process as rates began to move up just days after Trump won the election. 

Please keep me in mind I can be of any assistance with a refinance or a Pre-Approval on a new home.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on May 05, 2017, 08:47:03 AM
HAPPY FRIDAY EVERYONE!!!

The economy added just over 200,000 jobs last month and the unemployment rate ticked down to a 10 year low.  Mortgage rates are holding steady even with this positive economic news.

I've had a few people reach out in regards to refinancing to save money and settle up their escrow account with the new tax increase. 

Please let me know how I can help you!

Thanks and have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on May 17, 2017, 12:49:37 PM
Mortgage rates have continued to trend DOWNWARD!

Please keep me in mind if there is anything that I can do for you!
Title: Re: I am here to help
Post by: mortgageguy on May 25, 2017, 08:30:15 AM
Rates have held steady this week.  Had a few appraisals come back slighter higher than anticipated on some refinances...the opportunities are there.

Let me know how I can help!
Title: Re: I am here to help
Post by: mortgageguy on May 30, 2017, 10:37:40 AM
Happy Tuesday!  I hope that everyone had a great holiday weekend!

Please let me know when you are ready to work up some numbers on a Refinance, or, get Pre-Approved for a new purchase.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on June 08, 2017, 06:27:41 AM
Mortgage rates have held steady this week!

Please keep me in mind for all of your mortgage financing needs!!!

Thanks!

Nick
Title: Re: I am here to help
Post by: mortgageguy on June 14, 2017, 07:06:20 AM
Mortgage rates have been slowly moving back down...please don't let this opportunity pass you by, ESPECIALLY with the new higher property taxes.

I am here to help...let me know what I can do for you!

Thanks!

Nick
Title: Re: I am here to help
Post by: mortgageguy on June 22, 2017, 08:20:53 AM
Rates continue to creep back down...don't miss out!!!

Please call or email me and we can do a FREE Mortgage analysis to determine if you can save any money.  Not looking to Refinance, NO PROBLEM!  We can do a FREE Pre-Approval to set up your max purchase price for a new purchase.

I am here to help...let me know how!

Thanks!

Nick
Title: Re: I am here to help
Post by: mortgageguy on June 30, 2017, 07:42:57 AM
Don't miss out on a chance to Refinance! 

Home values are up, now is the time. Whether you want to reduce your payment, drop your term to 20yr or 15 yr fixed, or take cash out to payoff debt and balance out your escrow account...I can help!

Thanks and have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on July 05, 2017, 07:31:02 AM
Happy 5th of July...hope that everyone had a GREAT day yesterday. 

Please keep me in mind when you are ready to save some money.

Thanks and have a great day!!!
Title: Re: I am here to help
Post by: mortgageguy on July 14, 2017, 06:32:17 AM
Rates are holding steady...let me know when you are ready to put some extra money in your pocket!

Have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on July 21, 2017, 08:31:53 AM
Hope all is well with everyone.  Mortgage rates are still doing well, please keep me in mind if there is anything I can help you with.

Thanks and have a GREAT weekend!!!

Nick
Title: Re: I am here to help
Post by: mortgageguy on July 26, 2017, 01:11:26 PM
We received some FED friendly news today which helped mortgage rates. 

Please keep me in mind when you need to save some money!

Thanks!

Nick
Title: Re: I am here to help
Post by: mortgageguy on August 02, 2017, 12:56:24 PM
Rates have held steady over the past week and a half, which is great!

Please keep me in mind if I can help you save some money refinancing or work on getting Pre-Approved to buy a home.  I would love to help!

Nick
Title: Re: I am here to help
Post by: mortgageguy on August 03, 2017, 08:16:39 AM
I know that people ask me often about the waiting periods after having a short sale or foreclosure on a home.  Please see the attached flyer and always call or email me with questions! 

Have a great day!

Nick Hedke
Cell (630) 776-0540
Title: Re: I am here to help
Post by: mortgageguy on August 08, 2017, 08:09:34 AM
Mortgage rates are still GREAT and home values have come up a ton in the past few years!  Many people who were equity locked before are no longer in that situation.

If you are curious what your options are...shoot me an email and I would love the opportunity to look into your options.

Thanks and have a great day!

Nick Hedke
nick.hedke@dkmc.com
Cell (630) 776-0540
Title: Re: I am here to help
Post by: mortgageguy on August 21, 2017, 09:43:39 AM
Mortgage rates have been holding steady, in some cases they have moved lower.  Every scenario is different, so please let me know what your specific situation is, I would be happy to give you some options.

Thanks!!!
Title: Re: I am here to help
Post by: mortgageguy on August 24, 2017, 01:11:56 PM
Mortgage rates are holding steady after their slight drop from last week. 

Please keep me in mind if there is anything I can do to help you!

Thank you and have a great weekend!!!
Title: Re: I am here to help
Post by: mortgageguy on September 09, 2017, 06:43:13 AM
Rates have benefitted over the past few weeks due to some poor economic data as well as tensions overseas.  Please do not let this opportunity pass you by.  Soooooo many people who I had spoke to in the past wanted to refinance but could not due to value.  That is less of a concern now.  I know that rates are not as low as they were, but when rates were lower, the value was not there. 

I am here to help, just call/email/text and I would be happy to look for some money saving options for you!

Have a GREAT weekend!!!

Nick
Title: Re: I am here to help
Post by: mortgageguy on September 22, 2017, 06:57:15 AM
Happy Fall everyone!

Mortgage rates are still great.  Let me know if you would like to look into saving some money for the Holidays!!!

Nick
Title: Re: I am here to help
Post by: mortgageguy on September 25, 2017, 01:41:59 PM
Fannie is now allowing for debt to income ratios above 45%, capping at 50%.  The 5% may not sound like a lot, but it can be the difference of approval or denial.  Underwriting guidelines are constantly changing!  Even if you did not qualify in the past, you may qualify now.

Please give me a call to run through some scenarios for you!

Thanks!

Nick
Title: Re: I am here to help
Post by: mortgageguy on October 04, 2017, 06:37:06 AM
Good Morning, hope everyone is having a good week so far! 

I wanted to touch base and let everyone know that rates are stable, but will tend to start going up in the fall and winter, finally starting to make their way back down in spring (not always, but typically).  Please don't let the opportunity to pass you by to work on a refinance now, close in November and not have a payment on the new loan until 1/1/18!

I am here to help in anyway that I can, do not hesitate to reach out with your scenario!

Thanks!

Nick
Title: Re: I am here to help
Post by: mortgageguy on October 11, 2017, 07:05:55 AM
Good afternoon everyone, hope we are having a good week!

I am just touching base and keeping in touch.

Please let me know if there is anything I can assist you with.

Thanks!

Nick
Title: Re: I am here to help
Post by: mortgageguy on October 17, 2017, 09:33:04 AM
Good afternoon all!  I wanted to remind you that there is plenty of time left before the end of the year to work on a refinance, close in November and not have a payment until 2018! 

Please if there is anything that I can do to help you, please let me know.

Thanks!!!
Title: Re: I am here to help
Post by: mortgageguy on October 23, 2017, 08:43:15 AM
Happy Monday, hope everyone had a great weekend! 

Please keep me in mind for any of your mortgage needs!

Thanks!

Nick